We have embarked on the information age in that massive amounts of information is available at our disposal. This information age has come on the heels of the technology explosion. What used to be unheard of doing on-line has now become common place. I remember the closest thing to on-line banking being driving up to a banking window and placing checks in a little tube before sending it to the teller through air pressured pipelines. Now there's even mobile banking where checks can be deposited via a smartphone, and who knew that the day would come when you could order dinner or even grocery shop on-line.
Today it is imperative to leverage technology to increase efficiency. With the proper usage of technology productivity and efficiency skyrocket. What used to take hours and days to complete can be done in a fraction of that time. Handling the accounting for a small business is time consuming and mundane. Keeping up with the tax and accounting functions of running a small business can take the back seat to more pressing issues. For lawyers keeping up with accounting can be even more of a challenge due to the nature of working on pressing, time demanding, high stakes matters that other professionals may not be faced with. Lawyers also have to be cautious of properly managing trust and operating accounts which add more time and tediousness to working on the accounting.
Running a small business is not a cake walk. Taking the time to work on it for several hours a week to stay on top of it can be almost impossible and for a busy lawyer it can be impractical. Busy lawyers can take advantage of timesaving tools like QuickBooks mobile receipt capture feature to keep track of expenses on the go and GoPayment to get paid on the go to help simplify law firm accounting.
Written by Lakisha Lynette Bealer, MBA