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PracticePanther, a prominent player in the legal practice management software sphere, has expanded its financial toolkit with the launch of PantherAccounting Plus. This feature set, integrated directly into the cloud-based platform, enables law firms to handle trust and operating accounting comprehensively without stepping out of the familiar environment of PracticePanther.
This initiative comes from the company’s recognition of the challenges law firms face when using separate systems for practice management and accounting. Soumya Nettimi, CEO of Paradigm, the parent company of PracticePanther, mentioned the elimination of data gaps and compliance risks through this integration, offering a singular, streamlined platform for everything from client intake to financial close. More on this development is available on PracticePanther’s official page.
Key to PantherAccounting Plus is its trust accounting capabilities that include a full IOLTA and trust ledger, together with safeguards to prevent fund mishandling. The operating accounting features equip firms with a general ledger, customizable chart of accounts, and comprehensive financial reporting tools.
In a recent demonstration, Colin Li, Paradigm’s president, together with Chad Todd, cofounder of TrustBooks, which Paradigm absorbed in 2022, shared insights into how the product leverages lessons learned from years of specialized experience in legal accounting. According to Todd, the system is a fresh build, distinct from TrustBooks, designed to simplify legal accounting to such an extent that any staff member could utilize it effectively. The source article detailing their presentation can be found here.
The pricing model for PantherAccounting Plus positions it as an add-on to PracticePanther’s Business Pro plan, requiring an additional $25 per user per month. The company emphasizes its ease of use and heightened compliance, addressing common shortcomings found in competitor products which often feel like disjointed solutions.
More than just an accounting tool, PantherAccounting Plus promises to be a full suite replacement for traditional accounting software like QuickBooks. With its focus on ensuring compliance across U.S. states and providing detailed reconciliation processes, it is set to become an integral part of PracticePanther’s offerings.
Law firms looking to streamline their financial operations by integrating these accounting functionalities with their existing practice management processes may find PantherAccounting Plus to be a valuable addition. By building this functionality natively, PracticePanther appears poised to simplify what has traditionally been a fragmented element of legal operations, thereby reducing the burden on law firm staff.
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