ACCOUNTING REQUIREMENTS FOR ATTORNEYS AND LEGAL PROFESIONALS

Financial requirements for Attorneys and legal professionals and the solutions provided by Mvefortè together with Xero and relevant optional add-ons

Unique Requirements: 
Trust accounting – Be able to separate Trust transactions and business transactions  
Different options depending on the specific need of the practice is available which will be adapted to the specific practice. The bank transactions is uploaded daily so you will be able to see the amount on trust for each client. 

Tracking of time and costs matter/case and client 
Within Xero is Xero projects which can track time spent and expenses incurred with the relevant tasks. Xero projects is a basic option which is available but for more advanced requirements Workflow max can also link with Xero for end to end project management. The different options will be discussed with you to ensure the practice needs are met. 

Ability to invoice time and expenses incurred. 
Invoice can be done 24 hours on your phone or desktop computer. 

Substantiating of Trust account transactions for yearly Trust audit 
Substantiating documents can be uploaded into Xero and associated with the relevant trust transactions 

Yearly trust audit for Law Society 
The relevant source documents can be uploaded throughout the year so that it is ready for the auditors and because the accounting happens in real time you will be ready for the audit very soon after year-end. Access to Xero can also be granted to the auditors, so they can log in and complete their work online. 

Advantages of Xero: 
Real time accounting 
Bank transactions uploaded daily so you will be able to know what is going on in your practice on a daily basis 
Compliance with the various taxes 
Substantiating expenses for VAT and tax - Source documents uploaded against the various transactions 
Ability to process expense claims - App available for your phone where a photo of the relevant expense is taken and uploaded directly into Xero 
Accept credit cards as form of payment - Link your payfast or other account in Xero 
Work from anywhere - In the cloud from your computer or smartphone 
Visibility of your business performance - Extensive standard reports available or we can design one for you 
Tracking actual performance vs Budget - Budget can be done for the practice and divisions if required 
Keeping track of outstanding invoices - Invoice reminders and and tracking of interactions with client 
Cashflow management