PracticePanther Unveils Legal-Specific Accounting Tool, PantherAccounting Plus
PracticePanther launches PantherAccounting Plus with IOLTA ledgers and compliance focus.
Why it matters: Law firms can improve financial accuracy and compliance with tools tailored for legal practices, such as IOLTA ledger management and reconciliation features.
- PantherAccounting Plus integrates legal-specific financial management features.
- Costs an additional $25 per user per month on Business Pro plan.
- Includes reconciliation wizard, IOLTA ledgers, and compliance tools.
- Developed following TrustBooks acquisition, enhancing legal compliance.
PracticePanther has launched PantherAccounting Plus, a specialized accounting suite designed specifically for law firms. Available as an add-on to the Business Pro plan for an additional $25 per user per month, it helps legal professionals maintain financial accuracy and compliance, directly addressing common issues faced when using general accounting software.
PantherAccounting Plus includes a reconciliation wizard and supports IOLTA-compliant ledger management—a critical feature for conforming to legal financial norms. This setup minimizes risks such as fund commingling and improper revenue recognition.
Developed post-acquisition of TrustBooks in 2022, the tool underscores PracticePanther's commitment to creating a product tailored for legal professionals, rather than repurposing existing accounting systems like QuickBooks. The need for a legal-centric tool is emphasized by Soumya Nettimi, CEO of Paradigm, who notes the pitfalls associated with non-specialized accounting software, including data silos and increased compliance risks.
Incorporating pre-set compliance safeguards, bank-feed integrations, and one-click financial reporting, PantherAccounting Plus aims to streamline financial operations and adhere to stringent legal standards, enhancing how law firms manage their finances while ensuring regulatory compliance.
The tool, with its legal-specific features, is poised to become an essential asset for law firms aiming to optimize their financial operations and comply with complex legal financial requirements.
By the numbers:
- $25 — Additional monthly fee per user for PantherAccounting Plus.
- 2022 — Year TrustBooks was acquired, influencing tool development.