Clio Accounting Review: Law Firm Accounting Software

Clio Accounting offers the core features you’d want from a top-flight “version 1” legal-specific accounting package. Above all, its fundamental strength comes from its tight integration with Clio Manage. While it doesn’t break new ground with its feature-set, being part of the wholistic Clio product family makes it groundbreaking.

It’s Approachable

Clio is known for easy-to-use software. They’ve continued that theme with their integrated accounting product. If you know how to manage billing, invoicing, and ePayments in Clio Manage, you will feel at home in Clio Accounting.

Security is Built In

Working within a single product family, for example Clio Grow plus Clio Manage plus Clio Accounting, means that sensitive and confidential information remains with a single vendor. You don’t have to rely on multiple software packages, synchronization, or import/export to clearly understand your financial position.

Ready on Day One

Even as a “version 1” product, Clio Accounting has the core features a solo or small firm needs, provided they use cash basis accounting and do flat fee or hourly-billing work.

Firm Dashboard

Since Accounting continually communicates with Manage, the Accounting dashboard gives users real-time information on firm finances, including bank balances and accounts receivable.

Bank Sync

Clio partnered with industry leader Plaid to provide easy, out-of-the-box connectivity to over 12,000 financial institutions, giving users nearly instantaneous activity information from their bank accounts directly into Clio Accounting.

Expense and Vendor Management

Clio Accounting makes it simple to stay on top of firm expenses, scrutinize vendor expenses and payments, and even track 1099 status contractor payments.

Reporting, Reconciliation, and Trust Accounting

In its initial release, Clio Accounting provides six core financial reports: profit and loss statement, balance sheet, cash flow statement, reconciliation, general ledger, and trial balance. It supports complete reconciliation for both operating and trust accounts, and boasts three-way reconciliation, and tracking of trust requests, deposits, disbursements, transfers, and withdrawals.

Clio Accounting should be on the “seriously consider” list for new solo and small firm users (1-4 attorneys) who are beginning their journey with Clio Manage, especially those still performing accounting work manually, whether via Excel or paper, and also for those dissatisfied with sync-based solutions like QuickBooks and Xero.

However, as a “version 1” product, Clio Accounting supports only cash-based (as opposed to accrual) accounting. Clio also recommends that contingency practices, like personal injury, and those utilizing deferred revenue and escrow accounts, like real estate, should wait.