Managing trusts, estates, and investment portfolios may not be that easy. But worry not because trust accounting software does wonders in helping you iron out your trust accounts and improve your financial management activities.
Looking for the best ones can be a challenge. This is why we did the hard work for you. We have compiled some of the best trust account management software systems available in the software market!
10+ Trust Accounting Software
3. Account Legal
7. Delta Data
9. QuickBooks Online
What Is Trust Accounting Software
Trust accounting software helps administrators (or lawyers)manage trusts, estates, and investment portfolios. Lawyers use this software to create legal trust accounts. These accounts are separate from the lawyer’s own personal or business account, as per the law. Typically, these trusts are eligible for the IOLTA (Interest on Lawyers Trust Accounts) program, taking the interest of the lawyers’ trust accounts and uses it to provide legal aid on civil matters to low-income families and individuals.
With a trust accounting software system in place, you can more easily manage the trust accounts of an attorney in an automated fashion. Aside from that, trust accounting software also improves your practice’s ethical and legal compliance, promotes separation of accounts, and increases client/audit readiness.
Trust accounting software has a variety of features that may vary depending on how you integrate it with another suite of legal and/or accounting software. Regardless, the most common features of trust accounting software are:
– financial reporting
– billing and timekeeping
– accounting integration
– client ledger
– IOLTA accounting
– trust account automation
– accountant/bookkeeper access
Top 10 Trust Accounting Software
1. Trust Accountant Cloud
Trust Accountant Cloud is an accounting management solution designed to help businesses handle accounts and generate reports on a centralized platform. Using this software, professionals can manage accrual accounts and import/export transaction information in CSV, PDF, and Excel formats.
2. Zoho Books
Designed for small to midsized organizations, Zoho Books is a cloud-based accounting solution that provides features such as contact management, invoices, expenses, sales and purchase orders, project time tracking, and inventory management.
3. Quickbooks Online
Quickbooks Online is a web-based trust accounting software for accountants and small businesses. Its functionalities include bank reconciliation, tracking expenses, drafting invoices, and more.
Xero is a web-based accounting system that connects small businesses with their trusted advisors and provides business owners with instant visibility of their financial position. This accounting software is accessible on any device with an active internet connection.
Xero has 3,055 employees and makes $514M in revenue.
Clio enables law firms and other businesses in the legal industry to track important details, manage client cases and documents, bill clients, and accept payments. This legal practice management solution also has a dashboard that displays billable hour targets and goals and track performance based on these metrics. Clio has 500 employees and makes $101M in revenue.
6. TimeSolv Legal Billing
TimeSolv Legal Billing is a cloud-based legal time and tracking and billing solution designed for law firms, accountants, consultants, architects, and freelancers, helping them manage their daily business operations.
7. PracticePanther Legal Software
PracticePanther Legal Software is a legal management solution for small to large practices specializing in bankruptcy, personal injury, family, divorce, estate planning, and many other areas. PracticePanther has 98 employees and makes $6M in revenue.
MyCase is a cloud-based legal management solution designed to help lawyers in small to medium-sized law firms in managing their communication with clients and daily business operations. Among its notable features are accounting and scheduling functionalities. MyCase has 100 employees and makes $19M in revenue.
AbacusLaw is a case automation software tailored to help law firms manage workflows, from time tracking to accounting operations. AbacusLaw is available as a cloud-based or an on-premise solution.
10. Sage Intacct
Sage Intacct provides cloud-based financial management and accounting solution that is suitable for small to medium-sized accounting firms. This solution is built to provide financial reporting and operational insights, as well as critical financial processes automation. Sage Intacct has good ratings and received good reviews. The company also generates $77.5M in revenue.
What Role Does Trust Accounting Software Play?
Trust accounting tools allow the process of sales receipt, taking money from the seller, buyer, or anyone else, and track all transactions through financial reporting.
Can I Withdraw Cash from a Trust Account?
The answer is yes, but under some conditions. If you have created a revocable trust and have appointed someone else as trustee, you will have to request the cash withdrawal from the person you appointed as the trustee.
Are Disbursements Trust Money?
Yes, in fact, you will receive the money in anticipation of the disbursement. Here’s the catch: the money must be deposited into the general trust account or controlled money account belonging to the person on whose behalf the law practice is holding the money.
Being a niche field in the financial and legal industry, trust accounting is complex. That’s why leveraging a software designed for accounting makes it easier to handle. But to ensure successful implementation, you will need an understanding of specifically how the software can help lawyers, accountants, and other parties involved in managing assets and trust funds.
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