IOLTA trust accounting software for attorneys, perfect application to get the trust fund in right order

One of the toughest bookkeeping tasks of any law firm is the right processing of the trust accounts of the clients. It is actually a bank account of the clients where the law firms hold the money to cover the actual expense cost. It is known to the world as IOLTA or Interest on Lawyers Trust Account. It is a separated from the operating account of the law firm where the funds can be identified properly. Each and every state has different guidelines governing for reporting and handling the trust funds. Borrowing or utilizing the trust funds for business purposes is completely restricted even for the attorney.

Trust accounting software to make the process easier

·         Purchasing a right accounting software is the smartest way to reconcile the account of trust funds. There is various software are available in the market but it is always better to have a good quality IOLTA trust accounting software for attorneys, which is inexpensive but efficient enough to control the trust fund. 

·         This software not only allows the attorneys to control their trust funds but they can also run their regular business operations like the billing process. Some of the law firms have their own requirements and efficient software can easily fulfill it. They can make their quick book with the bank account details of the clients. If needed, one can set up their subaccounts there. This subaccount is a major part of the main trust account but all the transaction details kept here separately.

·         The next step for the users is to set up their trust liability account that represents the client’s money.

Rules of trust account

The rules of the trust accounts or the using the trust account software vary from one state to another. But if you have followed the right rules under a particular attorney you can handle your trust account with ease.

What to consider while buying a trust account software:

Price first

Have the trust account software which comes according to your budget. You can rent it or can go for a free trial before buying to know the exact function of the software.

Zero tolerance

Go for the trust account software that has zero tolerance for any type of errors.

Stay updated

It is quite important to have trust account software that serves in real time and will update with changing the trend and legal systems.