Clio launches a bookkeeping and accounting solution designed for law firms

Clio, the Burnaby-based legaltech unicorn, has launched a bookkeeping and accounting solution to address the unique financial needs of law firms: Clio Accounting.

According to the company, almost two-thirds of a lawyer’s day is devoted to non-billable tasks like accounting. While critical for every business, many law firms find accounting daunting — which can lead to increased errors. 

“As law firms navigate the complexities of trust accounting and compliance, the need for a specialized solution has never been greater,” said Hemant Kashyap, chief product officer at Clio in a press release. “With Clio […] legal professionals can manage their finances with ease and confidence, while remaining focused on the practice of law.”

Clio Accounting “is designed to enhance the efficiency and accuracy of financial operations, providing legal professionals with the necessary tools to optimize their workflows.” The solution “supports law firms in maintaining compliance with financial regulations and enables them to allocate more resources towards client service and the expansion of their practices.” Through syncing with other company offerings, advantages to customers include:

• Integrated transactions: Transactions are automatically recorded and synchronized between the bank account and firm ledger — whether it involves sending an invoice, collecting a payment, or logging a hard cost

• Financial insights: Real-time Insights into a law firm’s bank account through live feeds, plus detailed insights into cash flow and comprehensive financial reports to inform key business decisions. 

• Trust accounting compliance: Trust accounting is managed securely and in compliance with industry rules — providing oversight of all account activity relating to both earned and unearned fees.  

• Streamlined tax preparation: Tax filings are easier to complete with financial activities and reporting in one place and easy access for accountants.

To make Clio Accounting more accessible, Clio is offering one free licence with every subscription that gives a law firm’s accountant or bookkeeper access to their account.