Key Features of Matters.Cloud for Law Firms in Hungary

Key Features of Matters.Cloud for Law Firms in Hungary

Introduction

As law firms in Hungary navigate the evolving landscape of legal practice, the need for a modern, compliant, and intuitive practice management system is more critical than ever. Matters.Cloud, a leading cloud-based platform, offers a suite of features specifically designed to meet the operational and regulatory needs of Hungarian law firms.

This article outlines the key features of Matters.Cloud that support Hungarian language, VAT calculations, invoice compliance, multi-currency handling, and secure data storage within the EU. It also highlights the seamless integration with Számlázz.hu, Hungary’s premier online invoicing solution.

Hungarian Language


Matters.Cloud supports the Hungarian language, allowing users to operate the platform in their preferred language. Each user can easily switch between Hungarian and English interfaces, ensuring a smooth and personalized experience for local professionals.

Invoice Compliance

Integration with Számlázz.hu

Matters.Cloud integrates directly with Számlázz.hu, enabling law firms to:
  1. Create and Send Invoices: Generate invoices directly from Matters.Cloud + Számlázz and email them via the platform.
  2. Generate Compliant Invoices: Szamlazz outputs invoices in a format that complies with Hungarian legal requirements, including all necessary fields and layout specifications
  3. Automated Data Sync: Client and matter details are automatically synced, reducing manual entry and errors.
  4. NAV Compliance: Ensure that all invoices meet Hungarian tax authority (NAV) requirements, including electronic reporting.


E-invoicing Capabilities

With the increasing shift towards digital processes, Matters.Cloud supports electronic invoicing (e-invoicing) using the EHF standard via our integration with Tripletex, which is compliant with Norwegian regulations. This feature enhances efficiency and reduces paper usage, aligning with modern business practices.

Multi-Currency Handling

Support for Multiple Currencies

For law firms dealing with international clients, multi-currency support is crucial. Matters.Cloud offers comprehensive features to manage transactions in various currencies, including:
  1. Transact in Multiple Currencies: Firms can assign a currency per matter, allowing the recording of transactions in various currencies to ensure accurate financial records.
  2. Currency Conversion: The platform provides currency conversion rates, ensuring that reports can be produced across transactions in different currencies.

Integration with the Hungarian National Bank

To further streamline multi-currency handling, Matters.Cloud integrates with the Hungarian National Bank (MNB):
  1. Loading Exchange Rates: The system automatically loads the latest exchange rates from the  Hungarian National Bank, ensuring that currency conversions are accurate and up-to-date.

VAT Calculations

One of the standout features of Matters.Cloud is its ability to handle Value Added Tax (VAT) calculations automatically. In Hungary, VAT compliance is a critical aspect of business operations. Matters.Cloud simplifies this process by:
  1. Automating VAT Calculations: The platform automatically calculates the correct VAT amount for each transaction based on current Hungarian VAT rates.
  2. Configurable VAT Rates: Firms can easily adjust VAT rates within the system to reflect any changes in legislation or specific client agreements.

Data Storage Within the EU

Understanding the importance of data security and regulatory compliance, Matters.Cloud ensures that all data is stored within the European Union (EU). This feature offers several advantages:
  1. GDPR Compliance: Storing data within the EU ensures that all data handling practices comply with the General Data Protection Regulation (GDPR), providing peace of mind to law firms and their clients.
  2. Enhanced Security: Data centers in the EU are subject to stringent security standards and regular audits, ensuring the highest level of data protection.
  3. Legal and Regulatory Assurance: By keeping data within the EU, Matters.Cloud aligns with local data sovereignty laws and regulations, ensuring that data remains within jurisdictions that are legally recognised by Norwegian authorities.

Integrations

Integration with Számlázz.hu

The integration with Számlázz.hu offers Hungarian law firms a streamlined invoicing experience:
  1. Compliance with Local Accounting Rules: Számlázz.hu ensures that all invoices meet Hungarian accounting standards.
  2. Efficient Invoice Management: Synchronization between Matters.Cloud and Számlázz.hu eliminates manual data entry and reduces errors.
  3. Enhanced Financial Reporting: Combined data enables comprehensive financial insights and reporting.
  4. Electronic Invoicing: Supports NAV-compliant e-invoicing, aligning with Hungary’s digital tax reporting requirements.

Summary

Matters.Cloud is a comprehensive practice management solution tailored to the needs of Hungarian law firms. With features like Hungarian language support, automated VAT calculations, compliant invoicing via Számlázz.hu, and multi-currency handling, it empowers firms to operate efficiently and remain compliant. Its secure EU-based data storage and seamless integrations make it an indispensable tool for modern legal professionals in Hungary.


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