Clio Adds Accounting Capabilities For Lawyers Who Were Told There Would Be No Math

Watching SNL presidential debate parodies from the 70s feels quaint at this point. Instead of a blank-faced old man squaring off against a blob of rage and conspiracy theories, the venerable sketch comedy show had to make jokes about the Humphrey-Hawkins bill. Not exactly a comedy gold mine. But the bit featuring a not-at-all costumed Chevy Chase as Gerald Ford produced the enduring line “it was my understanding that there would be no math.”

It remains a salient line for lawyers, many of whom came to the profession after giving pre-Med a go and failing out of organic chemistry. Attorneys are word people. Even the ersatz bankers of M&A tussle over clauses over figures. In Biglaw, the firm can hire professionals to handle the business side of practice. But the smaller the firm — or group — the less outside help lawyers can afford.

And it’s not like a firm accountant or bookkeeper has an easy job keeping track of the haphazard IOUs put together by the lawyers. Just because they understand the math it doesn’t mean they can’t use help.

Leaving revenue tied up in the ether presents a real — sometimes existential — problem for smaller firms and there are payment platforms like Clio Payments designed to address that problem.

So it stands to reason that Clio’s logical next step would be Clio Accounting, an accounting product that seamlessly integrates with Payments.

• Integrated transactions: Every transaction—whether it involves sending an invoice, collecting a payment, or logging a hard cost—is automatically recorded and synchronized in real time between the relevant bank account and firm ledger.
• Real-time financial insights: Firms get real-time insights into their bank account via live feeds, plus detailed insights into cash flow and comprehensive financial reports to inform key business decisions.
• Trust accounting compliance: Firm managers can rest easier knowing that they can use Clio to manage all of their trust accounting securely and in compliance with industry rules—giving them end-to-end oversight of all account activity relating to both earned and unearned fees.
• Streamlined tax preparation: With all financial activities and reporting in one place, plus easy access for accountants, Clio Accounting makes for stress-free tax filings.

Announced this morning, Clio Accounting endeavors to match the invoice, the payment, and the bank feed data to ensure reconciliation. By automating this process, it cuts down on sites of potential human error. And while the offering provides accountants with a valuable tool, Clio stresses that the product is designed for legal professionals to use directly too.

Clio is offering a free Clio Accounting license with every subscription so a firm’s accountant or bookkeeper can access to the account without additional cost. Accounting is now available to US-based firms with Clio Manage accounts.

Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.