Expense Tracking

Expense-tracking apps are tools that are designed to help businesses monitor the amount of money spent on various transactions. Most general expense trackers allow you to track and approve expenses, choose which expenses to include or exclude, and create reports based on the information you provide. Generally, per user, per month.  

There are many general, industry-agnostic expense tracking software options, such as Zoho Expense, but TimeSolv is one of the best expense trackers for law firms. TimeSolv ensures that every single one of your incurred business expenses is organized and accessible in a comprehensive business expense tracking system. With it, you’ll get unlimited billable clients, budgeting tools, time tracking, a mileage tracking feature, expense reports, customizable forms, and so much more.  

However, it’s important to know that TimeSolv expense tracking isn’t just for law firms. While TimeSolv has primarily earned a reputation as a legal billing software, the expense tracking features also serve other large and small businesses, including consultants, freelancers, and accountants. 

Law firms need to keep accurate records of all costs associated with a case or client so that they can bill for them properly and in compliance with legal requirements. When you use an expense tracking software solution, you can keep your expenses separate so that you never forget to charge a client (or accidentally charge the wrong client). Expense tracking software even allows for internal expense management for costs that you generally acquire throughout the year. These could include rent, utilities, or payroll.  

We recommend expense-tracking software to law firms that are looking to reduce the time they spend on authorizing and processing invoices. Lawyers can even use expense tracker apps to reduce their legal spending and improve their visibility of staffing and billing issues.  

Those aren’t the only reasons you should use expense trackers for your law firm. You can also benefit from:  

• Automatic audit trails 
• Tracking matter budgets by time or phase 
• Enforcing billing guidelines 
• Features that support compliance with ABA and state bar association accounting standards 
• Syncing with other apps for efficient billing 

While there are many expense tracker apps and software, they aren’t all the same. Some offer more benefits and features than others, which can make managing expenses easier. Though there is a lot of debate over which apps are the best expense trackers for business owners, it’s important that you look for a product that offers an intuitive dashboard, automated approval processes, mobile apps with digital receipt scanning, and real-time reports.  

An intuitive dashboard can help you assess your business's current standings. You’ll be able to pull up applications at any time to see your bank account, spending limits, and purchase requests. An intuitive design specifically allows you to customize the components of your dashboard to meet your business’ needs.  

Law firms especially love the automated approval function of a business expense tracker. It allows you to create a series of workflows based on your business expense policy. You can then move reimbursement requests and business expense reports through the approval process faster. Not only does this prevent frustration from your employees and other attorneys, but it also saves you time and can reduce the risk of fraud.  

Business expense tracker apps like TimeSolv make it easy to stay on top of all your financial transactions. They are especially beneficial when they come with a digital receipt capture function. Not only do automatic receipt import functions help create expense reports faster, but they also reduce the risk of error associated with manual expense reporting.  

Finally, we recommend that you seek expense trackers that offer real-time reporting and analytics so that you can always have an idea of your cash flow, outstanding expenses, and other financials. Expense-tracking apps can automate these reports so that you don’t have to spend time creating a monthly report every time you submit business expenses or an updated budget for each department. 

The best expense-tracking software should be accessible from any location at any time. Therefore, you can be sure that Timesolv can be used remotely. 

We understand that it is difficult to stay on top of your business spending if you have to wait until each employee gets back to the office to upload receipts for their daily expense report. Instead, you can give your employees access to their expense tracker on the go when you use TimeSolv.  

Not only can you log in to the expense tracker and accounting software from any device with internet access, but you can also encourage your employees and other lawyers to download the expense tracker app. The mobile apps are a more simplified version of the software, but they will focus on tracking expenses, including mileage expenses.  

The app will allow everyone to submit expenses as they incur them. It will even scan receipts for key data that will then be categorized appropriately. Small business owners especially benefit from the apps because they make it easy to organize paper receipts that would otherwise be stuffed away in a filing cabinet for the next tax season. 

Yes! We know how important it is to stick with the business processes and tools you know, so there are plenty of integration opportunities with TimeSolv. If you already have existing account software and don’t want to switch, we can help you integrate it with your expense tracking tool. In fact, TimeSolv offers a wide range of integrations with a third-party application, so you can seamlessly export data to Quickbooks, Xero Accounting, Microsoft 365, and more.  

One of our more popular integrations is Quickbooks. We know that many small businesses don’t want to leave behind their preferred accounting solution, even if it might not be the perfect fit for their law firm. However, TimeSolv can fill in the areas where Quickbooks lacks. Are you worried about the possibility of duplicates for each logged expense? You’ll be happy to know that TimeSolv and Quickbooks sync perfectly so that data is only entered one time.  

If you use Law Ruler, you’re not the only one! It’s the top-rated client relationship management tool for lawyers. Since it is so popular, we made sure that TimeSolv also works well with this third-party site. Integrations with Law Ruler allow you to streamline your processes for organizing leads and existing clients.

The Internal Revenue Service, the American Bar Association, and state bar associations have very strict rules when it comes to handling law firm expenses and trust accounting. If you fail to handle these financial practices appropriately, you could face financial penalties, or in severe cases, you could also face disbarment.  

Fortunately, TimeSolv is here to help your business stay compliant whether you handle one trust account or many. You can set up multiple accounts within one application so that you can track all the expenses separately. This allows you to ensure that your funds are never commingled with your client’s trust. It also protects their trusts from being charged for another client’s fees on accident. 

When you use TimeSolv as part of your compliance protocols, you’ll also get the ability to show balances on each invoice you send out. Your clients will always have an accurate picture of how much money has been charged and how much remains in their trust. Not only is this important to your clients, but it is also critical in staying compliant with the ABA. These accurate records can even protect you in the event of an audit.  

Finally, TimeSolv allows you to use legal-specific billing and invoicing. There are specific codes that you are required to use when billing your clients, and unfortunately, many general expense trackers don’t give you the option to customize these codes. With TimeSolv, you can use ABA task codes, Uniformed Task-Based Management System, LEDES 1998B, and other litigation advisor formats. 

Anytime you are connecting bank accounts and credit cards to software, you want to make sure that all of your data is being stored in a safe and secure location. This becomes even more important when you are collecting your client’s data. At TimeSolv, we understand how critical it is to protect your data, so we have gone above and beyond to ensure that your information is protected at every step.

How do we do that?  

We encrypt all data that is transmitted between your browser and our servers, and we only use 256-bit encryption. This is the same grade of encryption that you would expect banks and other high-security institutions to use.  

In addition to making sure all your data is encrypted, we also carefully choose our host. For TimeSolv users, we host all your data on Amazon Web Services (AWS) servers. What’s so special about these specific servers? They are known for having both high security and high uptime, so you don’t have to stress over hacking or downtime in your most critical moments.  

To top it all off, every single password that you use on our platform is also encrypted. That means you’ll never have to worry about your password being visible to any of our employees. We also make sure to back up your data every day in real time to give you added peace of mind. 

Whether you’re struggling to add your bank account and credit cards or want to know more about data storage, you’ll have plenty of support from TimeSolv. Not only can you reach us by phone, email, and our online contact form, but we also offer online meetings with our support staff and a comprehensive support center.  

When you use online meetings, you can get one-on-one help from our staff. The meeting allows you to share your screen so that we can most effectively address issues you’re having with your recurring expenses, bill payments, or tax deductions.  

With the support center, you get access to a vast knowledge base that can answer many of your questions. You’ll also find a guide to walk you through getting started, account management tips, video tutorials, and updates on the latest bug fixes. 

We know that switching to a new business expense tracker app is a huge commitment for your company and your employees, especially for self-employed entrepreneurs and small business owners. Unfortunately, it can be difficult to tell which expense-tracking solution will meet your unique business needs without actually trying the product. For that reason, TimeSolv proudly offers a 30-day free trial for our accounting software suite.   

It’s easy to sign up for your demo because we don’t require a credit card. Instead, you can provide your contact information, and we’ll get you started with a 30-day free trial startup plan and one-on-one training session to show you the ropes. You can then take your time exploring the accounting software to see how it can help your small business with your other processes.  

That’s not all!   

Though other expense trackers like Expensify might offer a six-week free trial, we take it a step beyond that. TimeSolv is so confident that you’ll love it or your money back—even after you decide to sign up! You have six full months from the time you become an active user to fully decide whether or not you are satisfied. If not, you can receive a complete refund of the money you’ve spent on your plan subscription.   

If you’re completely happy with the trial (like we think you will be), you can choose from our two different billing options. Some of our customers prefer the convenience and savings they get when they are billed annually. For others, that much money upfront can seem intimidating or may be out of their budget, so we also offer billing options per month.