The Challenge

As mentioned earlier, because law firms accept retainers, this, at times, can pose risks and perplexed manual interventions in current accounting systems. At times, revenue is recognized at a future date, long after you have accepted a retainer. Because these transactions are paid in advance and may be related to future expenses that will occur when legal services are delivered, reconciling everything can be a nightmare.

How We Solved It

By implementing a combination of NetSuite ERP and SRP, NetSuite makes the process of optimizing your accounts receivables and controlling cash flow easier. Also, because you can easily configure your subsidiaries, tax nexus, currencies and exchange rates, this allows law firms to stay compliant with all relevant state and federal laws.

The Results

With a robust, scalable solution like NetSuite, you can save time and effort, reduce your costs on a daily basis, derisk errors by eliminating manual intervention with tax compliances and regulations.