Law firms have unique accounting requirements alongside stringent compliance responsibilities, and it is this crucial area that only a specialist legal accounting system will do.
Insight Legal enables law firms to run both the accounts of their client files and the accounts of their business. With a focus on ensuring your legal finance staff can process transactions quickly and easily, whilst also maintaining strict controls, our legal accounting system forms the backbone of your practice management solution and the core of your financial success.
Legal accounts functionality designed specifically for UK and Ireland Law Firms
Legal accounting requirements are different in Scotland compared to England & Wales, NI and ROI. Our accounts package is tailored and compliant for each jurisdiction to ensure that you are compliant with the Law Society or SRA Accounts Rules applicable to your area.
Increase accounting productivity
The cornerstones of any legal accounts function are accuracy and efficiency. A busy accounts department can process hundreds, if not thousands, of accounting transactions every single day, and the outcome of legal cases are often entirely dependent on their timely and accurate recording.
Insight Legal provides everything your finance team needs, from straightforward posting routines to direct links with your online banking, ensuring your firm’s finances have the utmost care and attention.
Ensure full compliance
A specialist legal accounting system is essential for every law firm. With in-built compliance checks, automatic reconciliations and comprehensive reporting, Insight Legal gives confidence that your finance team are fully supported in their Law Society and Solicitors’ Accounts Rules compliance. And with direct integration with HMRC for Making Tax Digital, your firm’s finances are kept compliant too.
Save time and money
Insight Legal’s ability to join up all the accounting functions throughout your law firm means that you are always working efficiently. With features such as efficient invoicing, electronic authorisations and approvals, automatic interest calculation and real-time reporting, you can always be sure that no time is wasted. And with your business and client accounting in one comprehensive system, your costs are kept low while your time is saved.
Powerful workflow tools put you firmly in control of your processes, giving guidance to staff and reassurance to the practice.
Transform the critical process of bank reconciliations and ensure compliance by using data fed directly from your firm’s bank accounts.
Streamline your client onboarding whilst ensuring compliance, with our Veriphy integration for AML and credit checks.
Work on-the-go with all your case information at your fingertips, whilst never missing an opportunity to capture time.
Ensure key dates and email correspondence are saved instantly and consistently with our seamless Outlook integration.
Enable your staff to prioritise their workload, and never miss a key process step with our comprehensive Tasks functionality.
Utilise the vast library of legal forms and pre-populate with data from Insight for the ultimate in timesaving efficiencies.
Efficiently use stored case information by ordering property searches and reports via our Index PI integration.
Revolutionise your accounts department by linking your bank feeds directly to Insight Legal Enterprise, for absolute accuracy and huge time savings.
Seamlessly integrate links within your bills and other documents to enable your Clients to make payments to you instantly, accurately and online.
Many software companies charge an additional fee for their support service on top of the licence cost. With Insight Legal, software support is included in the price that you pay.
Why do I need legal accounting software?
Law firms have unique accounting requirements. As well as running the accounts of their own business, firms need to handle client money and keep it separate from their office account, record disbursements against clients, record time and costs for work done and produce correct bills, all whilst ensuring they are abiding by the governing rules and regulations. Generic accounting software simply cannot provide the tools a law firm needs to keep you compliant.
Is the legal accounting software MTD compliant?
Insight Legal has comprehensive VAT reporting and a direct link to HMRC for submission of your Making Tax Digital (MTD) VAT returns.
How long is the data kept in my legal accounts system?
There is no limit on how long you can keep data. Even after year-end, all records for previous financial years are kept and are available for viewing and reporting purposes. Insight also has a comprehensive data redaction function for those records that need to be redacted for GDPR purposes.
Why is it important to keep your accounts and case management data in one system?
A true practice management solution extends to all your business functions. Fee earners can be most efficient when they have full visibility of matter financial information, and the accounts team can be most efficient when they have full visibility of fee earner billing and other matter activity. Having a single system means that no time is wasted by duplicating work. The joined-up approach of Insight Legal means that all of your firm’s financial obligations can be managed in one system, as well as all staff – whatever their role – being truly efficient.
Is the legal accounts system approved by the Law Society and the SRA?
Insight Legal is an Approved Supplier of the Law Society of Scotland and a Strategic Partner of the Law Society in and England & Wales. The Solicitors Regulation Authority (SRA) do not operate any official approval process for legal software, but Insight Legal is built specifically for UK & Ireland law firms and with compliance in mind. Insight Legal is also the five-time winner of the Solicitors’ Software Users Award from the Institute of Legal Finance and Management (ILFM).