Usually, trust needs to keep a record of funds which is quite critical under the ethics rules of all states. Therefore, most of the states are finding ways to make their trust accounting activities easy and quick.
But today’s technology makes everything very convenient for us as various trust accounting tools are available in the online store. These tools come with in-built trust accounting functions for keeping track of deposits and withdrawals associated with every client.
Trust accounting software helps the user to manage accounts in a more user-friendly way. As the bill gets ready, the software automatically records it and decreases the amount balance of the client held in trust.
Most of the trust accounting systems have mobile apps for Android and iPhone to make you easily keep up with your accounting on the go. Hence, you must see the top reliable trust accounting software.
Trust Accounting Software
Clio trust accounting software allows you to make accurate and timely business decisions, comply with industry regulations, and be more profitable. In fact, you can able to manage trust accounts as per industry rules. It features with client funds management in collective or separate trust accounts including IOLTA arrangements. In addition, you can maintain a detailed track of the client’s funds that separate from your firm’s operating funds.
The features of Clio makes you generate trust requests and accept deposits easily, track outstanding trust requests, connect your favorite accounting tools, and use advanced financial reporting.
- Most importantly, it enables you to access the information you need from anywhere and stay organized at any time. Moreover, you can organize, edit, and store your legal documents directly and securely in the cloud.
- You can form custom bill plans on the basis of fee structure and get rid of manual data entry. It also lets you bill via a secure client portal or email.
- Using Clio trust accounting software, you can conveniently organize documents, contact details, and communication logs from intake to invoice. Furthermore, you can remain on top of deadlines with the feature of calendaring.
- Certainly, you can manage and assign tasks, identify roadblocks, report on task progress, and better manage productivity.
- Clio not only helps you to do online credit card transactions but also make billing accurate and easier with great features like enhanced expense tracking and Timekeeper.
The price range of Clio is from $39 to $125 per month for each user. However, the company offers various pricing packages such as Clio Manage, Clio Grow, and Clio Suite. You can try Clio for free as well as sign up for an annual subscription to obtain discount rates.
- Clio Manage - Clio Manage is a legal practice management software that is available at the price range from $39 to $99 per user/per month USD. It is the most popular and industry’s leading solution to assist organize cases, manage clients, and automate tedious tasks and month-end invoicing.
- Clio Grow - Client intake and legal CRM software cost $49 per user/per month USD and it helps to standardize the client intake process, get powerful data insights, and build strong relationships to grow your organization.
- Clio Suite - It is the legal practice management, client intake, and CRM software which you can buy at $ 89 per user/per month USD with up to 26% off. You can find Clio Suite as the industry’s only end-to-end software solution for law firms.
When it is about ESILAW, you can consider something unique from than other trust accounting software. ESILAW renders you all of the features you need to manage trust in your law firm whether you are writing trust checks, receiving trust, transferring trust from client to client, and paying bills with trust.
Apart from this, you can easily access matter and client trust balances and transaction history to obtain a full picture of trust for any client or matter. Certainly, you need to go through its further features below.
ESILAW has come into existence to enable your firm to comply with local trust rules and regulations. It is the best solution to bring peace of mind as you are always in compliance with trust legislation. Additional features can reveal further facts of this software below.
- With the use of ESILAW, you can do various things such as select the clients you want to bill, make alterations to bill content, and print or email them at the click of a button when you get satisfaction.
- It equips innumerable transaction entry features for convenience and efficiency. Even if you are making a batch of transactions or a single transaction, the transaction entry features will save a lot of your time and make your task easily manageable.
- This software allows you to link document folders to your clients and matters and access it in no time. It can easily meet your needs whether you want to create a document from scratch or have an established document system.
- ESILAW has easy and customizable security features that let you set up permissions and groups for users to grant and restrict access to sensitive financial information and features.
This company gives you the chance to start their 30-day free trial. The rate of this software for a month depends upon the number of users you enter in the price calculator provided by them. You can also select the plan annual if you want to pay on a yearly basis.
Actionstep is a cloud-based legal trust accounting software that assists you to remain compliant with ease. In any organization, the main responsibility is to manage and handle funds carefully and therefore, it might be difficult to fulfill this responsibility while doing manually. Thus, it is better to go with Actionstep trust accounting tool which is feature-packed with excellent tools, controls, and reports that comply with the strict trust accounting rules and regulations. Look at the features below and know more.
Actionstep offers you a comprehensive reporting feature in which it can generate every report you require in one click and those reports are trust account ledger, trust lookup, trust stale balances, trust payments/receipts cash book, trust reconciliation summary, and much more.
- With the assistance of Actionstep, you can automate your workflow by automating each step to collect information, creating a unique set of steps and tasks for each matter type, make sure everything is clear before moving to the next step, and assign tasks.
- Have better client management by giving your clients a unique contact record, maintaining a complete picture of your entire history with each individual client and assigning them to matters.
- Actionstep supports your local version of Microsoft Word, you can always edit, open, and save documents stored in this software using the feature of Microsoft Office integration.
- As a matter of fact, it offers full back and front office functionality to run your billing from your matters and get the financial data posted through the general ledger.
This company provides three pricing plans to choose from and they are Express, PracticePro, and Enterprise.
- Express - If you are paying annually, you have to pay $49 per user/month for this plan and $59 per user/ month on a monthly basis. It includes features like matter management, CRM, workflow automation, intelligent timesheets, mass billing, Xero integration, conflict check, and many more.
- PracticePro - PracticePro is available at $89 per user/month on a yearly basis, and $99 per user/month on a monthly basis. This plan involves all the features of Express plus other features such as client portal, customize workflows, phone call log, reassign works, advanced time entry, and so on.
- Enterprise - When it comes to Enterprise plan, you would require to contact the company to know the price and discuss your specific needs. However, it has many features that come under the PracticePro plan with other functions like multi-currency general ledger, dashboards, banking, email aliases, and more.