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Improve Law Firm Profitability with BQE CORE LEGAL’s Billing and Accounting Solution

Improve Law Firm Profitability with BQE CORE Legal’s Billing and Accounting Solution

As a law firm, tracking billable time and capturing client expenses (“billing”) is the lifeblood for financial success and personal freedom! Yet, in the age of Cloud and SaaS-based solutions, law firms are still tied to using outdated server-based time, billing, and accounting solutions. By sticking to the “status quo”, your law firm is losing money, not achieving your profit potential and certainly not providing your team or your clients the best technology.

BQE CORE Legal has been designed and engineered with Cloud technology and innovation, providing a fresh, crisp snapshot and real-time view for managing your law firm data. It is customizable, intuitive, and presented in an organized and logical format.

The Challenges and Frustrations of Using Outdated Software

When a law firm continues to grow but utilizes outdated software, it frustrates employees. They struggle trying to accomplish even simple tasks and produce financial reports for management. They find that outdated software is not designed with the state-of-the-art features and functionality they need, so employees have to be creative.

Employees end up using time-consuming workarounds to satisfy management and financial reporting. These workarounds cost your firm money in billable time and overhead hours.

Poor software workarounds usually consist of:

  • an inability to enter time and expenses out of the office (for real-time metrics)
  • combining multiple complex spreadsheets
  • exporting or reentering billing and invoice data in other programs to manipulate reports

These workarounds cost your firm productivity, which means lost profitability.

Improve Law Firm Profitability with State-of-the-Art Technology like BQE CORE Legal

BQE CORE Legal provides the tools your law firm needs to:

And it does all of this with native Cloud technology and through a highly robust mobile app.

As law firms hire more millennials, management and administration have finally surrendered to the realization that their technology must be to be state-of-the-art. Millennials grew up being technologically savvy and connected to the Internet, which means old technology is intolerable, and work anywhere at any time is the new trend.

As such, law firms are finding it necessary—in order to maintain highly productive staff— to implement BQE CORE Legal’s time, billing, and accounting solution.

CLOUD-BASED TECHNOLOGY

As a Cloud-based technology, BQE CORE Legal gives your law firm the mobility to manage your firm, clients, matter, data, and employees anywhere, anytime, and on any device.

  • Web and mobile access device functionality
  • Native iOS and Android mobile apps
  • No need for an on-premise server
  • Ask the Artificial Intelligence questions in real-time:
    • Client fees and/or costs billed to date
    • Client fees and/or costs paid to date
    • Client Trust Account balance, deducting current WIP
    • Client and matter accounts receivable balances
    • Firm accounts receivable all clients
    • Firm outstanding payables
    • Balances in Operating or Trust accounts
    • Realization rates and more!
  • Capture billable time working anywhere with timecard and timers
  • Capture client expenses, mileage and calls on the road
  • Submit and approve or reject time and expense entries
  • Submit and approve PTO
  • Submittal of receipts by OCR or taking a picture
  • Prompt to bill completed to-dos and phone calls
  • Access matter transaction history, documents, notes, and to-dos
  • Generate and send invoices
  • Apply payments to invoices
  • Access to reports
  • Access law firm accounting data
  • Create vendor bills, submit, and approve
  • Send and receive messages
  • Monitor law firm key performance indicators (KPIs)
    • Financial Dashboard – overview of firms’ financial health
    • Management Dashboards – overview of team performance
    • Personal Dashboards – overview of individual performance
  • Customize with Widget’s for interactive lists, graphs, and bar charts
  • Real-time updates on financial health for income and expenses
  • Real-time updates on WIP and Trust Account balances by Client and Matter
  • Real-time updates of Client and Matter gross-margin performance
  • Matter and Employee Allocation stats
  • Performance breakdown on billable hours vs. non-billable hours
  • Billable, non-billable, paid time off, and overhead hours
  • Reimbursable expenses
  • Documents feed list for your Clients/Matters
  • Workflows and to-do list
  • Create Dropdown List specific to the law firms’ practice areas
  • Create Dropdown List for ownership and bonus percentages
  • Create Date field for reporting client intake and close metrics
  • Create management reports filtering the custom fields on client, project, employee, vendor, etc.
  • Filter client, Matter, time, etc. list views to view relevant, custom data
  • Track data specific to the different record types
  • Create LEDES fields to map and meet export requirements

CORE MOBILITY APP WITH ARTIFICIAL INTELLIGENCE

BQE CORE Legal’s mobile app has been designed with Artificial Intelligence to offer real-time dashboards, time and expense entry, and productivity management. It provides the most powerful billing and accounting features and functionality of any mobile app on the market.

TRUST / RETAINER FUND MANAGEMENT

BQE CORE Legal’s Trust Accounting provides a comprehensive and complete, built-in State Bar compliant Trust Fund Management system (IOLTA).

  • Assign Trust Account on Matter level
  • Three-way account reconciliation
  • Apply Trust Funds to fees and costs when generating invoices
  • Dashboard snapshot to view WIP vs. balances and replenishment requirement
  • Generate Retainer only invoices
  • Manage Trust ledgers
  • Comprehensive Trust Account reporting

Matter Management

BQE CORE Legal provides an integrated practice solution to manage Matters anywhere and at any time. It offers built-in resources to capture and manage billable time for maximum profitability.

  • Gantt Charts and smart tools to monitor allocation, forecasting, and key performance indicators (KPIs)
  • Real-time Dashboard provides billing, earned value, profitability, and utilization
  • Mobile app allows full access to billing, tasks, and workflows
  • Custom fields for tracking and reporting specific Matter and practice area metrics
  • Add calendar events and monitor to-do items
  • Cloud storage of documents with Google Drive, Dropbox, and OneDrive
  • Budgeting to monitor phase billing fees and costs
  • Manage timekeepers and timelines to quickly plan resources
  • CRM to track client contact and third-party information
  • Fee Schedules to easily apply timekeeper rate levels
  • Billing arrangements to meet for accurate client invoicing
  • Track time and expenses on firm administrative matters

HUMAN RESOURCE MANAGEMENT

Track employee performance for hours earned, hours used, and hours available in an easy-to-read dashboard format for:

  • Vacation Time
  • Sick Time
  • Comp Time
  • Salary History
  • Review History
  • Incident History
  • Journals of performance for achievement, complaints, demotions, discipline, grievances, promotions, and raises
  • Personal Time Off

INTUITIVE DASHBOARDS

BQE CORE Legal’s dashboards offer a sophisticated user interface that compiles real-time data at log-in. Dashboards use Widget’s to display financial, client, Matter, and timekeeper performance data. They are customizable and display information in a crisp, clear, easy-to-read snapshot, which keeps partners, administrators, and timekeepers updated on firm and individual performance metrics.

CUSTOM FIELDS ON CLIENT AND MATTER

BQE CORE Legal provides the ability to create unlimited custom fields for clients, projects, employees, time entry, vendors, etc. Custom Fields can be a Text Box, Memo, Date, Dropdown List, or combination. This gives your law firm the ability to track information specific to your firm’s individual management reporting requirements.

TIME AND EXPENSE TRACKING

BQE CORE Legal’s Time and Expense Tracking provides ease for capturing employee billable, non-billable, and overhead time and expense data on internal projects and client matters. It is highly recommended that your firm capture all employee hours and expenses incurred. By capturing this data, management can efficiently and effectively measure employee performance, utilization, and profitability.

  • Timecard entry
  • Pre-defined timesheet
  • Multiple Timers
  • Add back-up documents to individual fee and expense entries
  • Ease of entry time and expenses on mobile device
  • Calculating effective and minimum bill rates
  • Track paid time off (PTO), sick time, and overtime

LEDES BILLING

BQE CORE Legal’s LEDES Billing is the approved invoice data exported in a pipe-delimited format. It allows you to upload and submit invoices to third-party vendor websites. Defined as “Legal Electronic Data Exchange Standard,” LEDES billing is required in the insurance defense practice area and large corporate sectors (i.e. Walmart, Bank of America, etc.).

  • Supports Uniform Task Based Management System (UTBMS)
  • Pre-programed with the “A” codes and “L” codes
  • Includes both LEDES 1998B and 200 XML formats
  • Batch exporting of LEDES invoices to separate file
  • Create and map Matter custom fields to LEDS required fields for export
  • Cuts down on printer ink, paper, and postage costs

SPLIT BILLING

BQE CORE Legal’s Split Billing feature gives your firm the ability to split Matter fees and costs among one or more Matters based on a percentage total among several files.

  • Share fees and costs between several Matters
  • No manual invoices or duplicate entry to split bills
  • No Excel spreadsheets needed to calculate splits and track
  • Allows for unlimited splits - percentage equals 100%
  • Allows for split bills to be recurring
  • Creates separate invoices with same invoice number
  • Creates separate invoices and tracks accounts receivable based on split
  • Summary of split fees and costs appears in a table at end of bill
  • Shows payments applied, balances forward for all split matters

INVOICING

BQE CORE Legal’s Invoicing provides robust features for monitoring billing data and simple bill generation. Billing rules allow the billing department flexibility and options when setting up Clients and Matters with complicated billing requirements.

  • Custom bill templates with law firm branding
  • Hourly, flat, contingency, progress, percent complete rules
  • Ability to void and regenerate historical invoices (i.e. UNDO)
  • Easy draft invoice review process for billing managers
  • Batch and manual processing of invoices
  • Automatic email processing of invoices
  • Batch export of LEDES invoices to individual files
  • Split billing between multiple matters
  • Schedule automatic and recurring invoicing
  • Retainer replenishment reminder bills and reporting
  • Automated billing report generation and delivery
  • Memorized billing reports

REPORTING

BQE CORE Legal’s robust reporting provides your law firm with hundreds of standard reports, and the tools to create custom management. These reports give your law firm insights into effectively budgeting, forecasting, and managing law firm business operations. Leverage a wide variety of customizable reports

  • Create memorized reports and tag reports as your favorites
  • View breakdowns of utilization, realization, and billable work vs. non-billable
  • Schedule reports to be automatically generated and delivered

ADDITIONAL MANAGEMENT TOOLS

  • Full general accounting
  • Integrated bank reconciliation
  • Cloud document storage through Dropbox, Google Drive, One Drive, etc.

OPEN API’s

BQE CORE Legal’s public API and developer program allows developers and customers to add value to BQE CORE Legal. Customers can build their own tools to meet their firms’ requirements, while developers can create apps that fit many customer’s needs. Their apps are now available in the BQE CORE Marketplace.

Power of Core
The Author

Rosemary Kupfert

Rosemary Kupfert is Product Expert - Core Legal at BQE Software. She has more than 30 years experience as a firm administrator and then a consultant to over 1,000 law firms nationwide, helping to improve their workflow and administrative efficiency through business and technology.

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