The legal practice management software, Tabs3, is making it easier for firms to handle their finances both on-premises and in the cloud. With this software, legal professionals can create and send bills, receive electronic payments, manage trust accounts, accounts payable and general ledger with utmost efficiency. An additional feature, PracticeMaster, allows users to neatly organize electronic case files making management of contacts, calendars, emails, and documents seamless. Client intake processes can also be streamlined by integrating Tabs3 CRM. The unique aspect about Tabs3’s products is their interoperability, enabling users to navigate between different functions effortlessly – a testament to the advances in legal tech.
Tabs3 Billing boasts a dynamic dashboard that displays key metrics representing the overall financial health of the firm, such as receipts, billing history, accounts receivable (A/R) and work-in-progress (WIP). These metrics can be delved into for detailed information, for example, A/R and WIP can be broken down by client. The Matter Manager tool provides a summary of all financial aspects related to a client including A/R, WIP, and trust balance, along with extensive information on recent activities, fees, costs, payments, and write-offs, to name a few. Statements can be created and dispatched directly through the billing system.
Client payments can be processed by Tabs3Pay which supports both credit and debit cards, as well as automated check handling (ACH) information. The software even allows for future and recurring payments to be scheduled. Importantly, a unique feature enables automatic email requests when a client’s trust balance falls below a set minimum, prompting the client to recharge their trust funds through a secure portal linked in the email.
Like every efficient financial system, Tabs3 Financials and its trust accounting modules are customizable and separate from the firm’s operating accounts, offering high jurisdiction and control. They provide a three-way reconciliation report amalgamating client trust ledger balances, adjusted bank accounts, and the check register balance. The ability to directly import the firm’s banking information into Tabs3 Financials, drastically reduces the time taken to reconcile accounts. Other financial operations include keeping track of accounts payable.
Delivering more than just financial management, the PracticeMaster segment of Tabs3 is at the heart of a firm’s legal work. Through this software, conflict checks can be performed, calendars can be managed, client documents can be stored, and it even supports integrations to save files directly from major applications like Microsoft Word, Excel, Outlook, Adobe Acrobat Reader, amongst others. Internal messaging systems are also in place to enable rapid communication of relevant items between staff. Strategic utilization of PracticeMaster can result in significant time savings – an invaluable asset in today’s fast-paced legal landscape.
While all the aforementioned features of Tabs3 undeniably aid in better legal practice management, the developers at Tabs3 believe in continuous improvement. The software is never stagnant and regular updates enrich it with new tools and features. The range of services offered is constantly enhanced to offer their clientele unparalleled experience – from on-site legal practice management to cloud-based services.
In terms of cost, a Tabs3 Cloud subscription kicks off at $89 per user monthly, inclusive of features such as Tabs3 Billing, Tabs3 Financials, Tabs3Pay, and Tabs3 Connect. Alternatively, the Tabs3 OnSite subscription is available at $40 per timekeeper per month, with the PracticeMaster feature costing an additional $32 per month. The LexShare extension comes at an add-on cost of $52 monthly (billed yearly), while the addition of Tabs3 CRM sets you back by another $147 monthly (also billed yearly).
Learning more about Tabs3 and what it offers is as easy as scheduling a demo. For those interested in getting a feel for the software first-hand, a free trial of Tabs3 Billing, Financials, and PracticeMaster software is available – request one today!
This article was originally published on Above the Law.