It is not uncommon for lawyers to handle trust accounts for their clients. But, holding or receiving funds for clients is a huge undertaking. This is why your practice needs trust accounting software.
Trust accounts must remain under constant supervision. This is because there are legal regulations to follow. In addition to that, there are accounting practices that also factor into the process. As you know, this is a lot of work! Trust accounting software can help ease the burden, though.
In this article, we’ll cover everything you need to know about this software.
Features Of Trust Accounting Software
Trust accounting involves taking care of the bookkeeping of trust accounts. The practice must follow the relevant requirements from the state that the client is in. And, of course, information must remain accurate at all times.
As the attorney, you also need to ensure you’re tracking the money entering and leaving the account. You must keep notes on all transactions.
Trust accounting software makes this all easy. The software gives you all the information you need at a glance, on the dashboard. You can see account balances, transactions, and you can transfer funds easily. What’s more, is that the software generates invoices for you!
Finally, the software also ensures that you are following all legal requirements too.
5 Ways Trust Accounting Software That Improves Your Practice
By the description of the software alone, you can probably tell that it will help you a lot in your day-to-day tasks. But, below we’ll outline the ways it can help you, so you can see why this software is a must for your practice.
1. Increased Efficiency
Whether you’re a sole practitioner, or you work in a firm, you always have a lot on your plate. You have to take care of document management, attend meetings, respond to emails, and much more. This means that your processes need to be streamlined, or you won’t get to everything that you need to.
Trust accounting software ensures that the administrative work gets done quickly and easily. This gives you more time to focus on the important tasks – like dealing with clients.
2. Guaranteed Compliance
Ensuring that you’re following legal requirements is tiresome. Especially since the laws and regulations change from state to state. With the software taking care of compliance for you, there will be nothing to worry about.
You’ll be able to present evidence of compliance without giving it much thought. This, again, will save you a lot of time.
3. Stronger Security
The software ensures that all your critical information stays well protected. Amberlo encrypts all data, to ensure that no systems can get hacked. Further, we ensure the privacy of your data, too. We keep each of our users’ data separate, in its own section of the server. Finally, we ensure protection from data loss.
The trust accounting software also allows you to ensure security as a lawyer. As you have a clear view of all accounts, you’ll be able to see funds moving. This gives you the ability to spot misappropriation of funds instantly.
4. Better Reporting
Great trust account management requires attorneys to create strong reports, quickly. Trust accounting software reduces the chance of error. As such, you don’t have to constantly double-check information when creating reports.
Furthermore, the task of creating reports becomes low effort with the software. This is because all the information you need becomes available to you at the click of a button. You won’t have to waste time searching for what you need.
5. Simplified Reconciliation Process
We’re sure you know that you have to do a monthly reconciliation of each trust account. We’re also sure that you know this is a tedious task.
But, with an easy view of each client and all information related to them, it doesn’t have to be difficult. You can get them all done in no time with trust accounting software.
Trust account management is a massive responsibility. You have to ensure that you do it well, with no mistakes. Using trust accounting software can help you with this! Every task related to trust accounting will become easier to complete, and you’ll become more efficient in general, too.
What makes Amberlo software the right choice is that it can help you with other financial tasks too! You’ll have access to features that assist with expense tracking, legal billing, and rates management as well. To make your daily tasks easier, contact Amberlo today.