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Trust Accounting Software

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Clio logo
4.7
(1.5K)

Cloud-based legal practice management software

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Clio’s trust accounting software allows you to streamline reconciliation by tracking multiple bank accounts and organizing your funds by matter and client.

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CosmoLex logo
4.7
(336)

Web Based Legal Practice Management & Accounting Software

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CosmoLex is the ONLY Cloud-based, all-in-one practice management, billing, AND accounting system (No QuickBooks Required).

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Centerbase logo
4.4
(35)

Manage and grow your firm - through a single platform

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From your client’s first website visit to their final bill - we power your firm every step of the way

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Rocket Matter logo
4.4
(200)

Legal Practice Management & Time and Billing Software

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Rocket Matter is the leading cloud practice management solution that helps you boost revenues by more than 20%, make clients happy, and run a better business.

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Soluno logo
4.5
(100)

Intuitive cloud-based accounting & billing for law firms.

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Soluno is a cloud-based accounting and billing software designed to accelerate law firms. With a full, easy-to-use suite of time/expense entry, billing, accounting, trust, and reporting features, law firms get everything they need to master their business.

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Zoho Books logo
4.4
(620)

Online accounting software for growing businesses

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Zoho Books is an online accounting software designed to streamline back office operations, automate workflows, and allow secure collaboration with accountants

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PracticePanther Legal Software logo
4.7
(506)

Intuitive Cloud-based Law Practice Management Software

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Trust accounting software for law firms. Manage your IOLTA account. Sync with QuickBooks. Take retainer payments. Stay compliant. Make taxes a breeze. Highest rated legal case management software on GetApp. Perfect for lawyers and law firms of all sizes. Try it free, no credit card needed.

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Tabs3 logo
4.7
(182)

Practice Management Software for Law Firms

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Tabs3 Trust Accounting - Manage your trust accounts accurately.

Part of the Tabs3 Financials suite, use Tabs3 Trust Accounting to track trust account bank balances, stay compliant when balancing accounts, and accept credit card deposits through a secure payment portal with Tabs3Pay.

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MyCase logo
4.7
(682)

Practice More, Manage Less.

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MyCase legal practice management software helps law firms solve key business challenges, including getting paid faster, keeping cases on track, and delighting clients. No matter your location, MyCase lets you manage your firm’s daily operations with ease. Try MyCase for free at mycase.com.

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NOBL logo
(0)

Insurance management platform with an API

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NOBL offers an API that provides customers with programmatic access to directly integrate their business into the system for automated claim processing and data integration. The platform automates the manual processes in insurance pricing, purchasing, and claims management.

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QuickBooks Online logo
4.3
(6.4K)

Small business accounting software

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QuickBooks Online is a complete small business accounting solution which allows users to manage all their financial data in one platform, with real-time dashboards and reports.

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Xero logo
4.4
(2.8K)

Accounting software for small business

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Xero is an award-winning online accounting software designed for small business owners and accountants, available on any computer or mobile device with an internet connection. Simplify business admin and get a range of financial insights to help you make better decisions for your business.

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TimeSolv Legal Billing logo
4.7
(648)

Time, expense & billing management software for legal firms

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TimeSolv Legal Billing helps legal firms manage payments, invoices, budgets, tasks, and more. The built-in trust accounting functionality lets users create trust accounts to automatically process payments, update replenishment amount in invoices, and transfer funds between different trust accounts.

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BQE CORE Suite logo
4.5
(743)

Time & Billing | Project Management | Accounting

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BQE CORE makes it easier and more profitable to run professional services firms. It organizes information, automates repetitive tasks and allows your firm to spend more time providing service to your clients instead of managing internal processes.

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Smokeball logo
4.8
(251)

Legal productivity software for small law firms.

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Smokeball cloud-based legal productivity software for PCs automatically records time and activity for you. Smokeball boasts full billing capability, an industry-leading document automation library with over 14,000 legal forms, Daily Digest, powerful integrations and a robust mobile app.

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Bill4Time logo
4.8
(189)

Cloud-based time billing software

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Reconcile Trust and IOLTA accounts without a secondary application.

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Sage Intacct logo
4.2
(449)

Best-in-class Cloud ERP for Finance

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Sage Intacct is a leading provider of best-in-class cloud ERP software, and is the preferred cloud financial management applications for the AICPA.

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TrustBooks logo
5.0
(107)

Accounting software for law firms and individual attorneys

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TrustBooks is designed for law firms of all sizes and can be used to manage the trust accounts of individual attorneys, small firms, and large law departments. Lawyers can also handle legal accounting operations via a unified portal. It provides an interactive user interface that allows firms to review and analyze trust ledgers, bank balances, and client ledgers in real-time.

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CARET Legal logo
4.5
(130)

Legal software solution that creates space for what matters

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CARET Legal's trust accounting software simplifies trust account reporting. With our platform, you can ensure accurate bookkeeping through 3-way reconciliation reporting, batch application of trust funds, and improved visibility into matter-based ledger balances for risk management.

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LeanLaw logo
4.7
(93)

Legal billing software for small to mid-sized law firms.

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IOLTA accounting is built into the legal invoicing workflow: You can make legal Trust deposits and pay invoices from Trust using LeanLaw. You don’t have to sync because LeanLaw syncs automatically in real time. Integrate Legal Trust Accounting Data into Invoices for clarity for client and lawyer.

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AbacusLaw logo
3.9
(374)

Law practice management for future-focused firms

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AbacusLaw is a flexible and dynamically scalable practice management solution to support legal professionals from solo practitioners to enterprise law firms from client intake to payment.

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LEAP logo
4.0
(265)

The legal practice productivity solution for law firms.

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Perform complex transactions easily and stay compliant with regulations. LEAP built-in legal trust accounting features let you easily record, reconcile accounts, issue statements, and report on all aspects of trust and controlled money to simplify your law office accounting process.

Read more about LEAP

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CaseFox logo
4.5
(96)

Web-based legal billing software for lawyers, CPAs, & more

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CaseFox is a web-based timekeeping, legal billing, trust accounting, calendaring, and case management software for attorneys, CPAs and other legal professionals

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Actionstep logo
4.3
(130)

Build your firm advantage with Actionstep.

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Actionstep has a fully integrated trust accounting platform to help you stay compliant and on top of your trust accounting obligations.

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uLawPractice logo
4.6
(80)

Manage What Matters, ANYWhere (Practice Mgmt & Legal Acc)

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Integrated Trust & General Accounting with Reconciliation and Law Society Compliance reporting

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Buyers Guide

Trust Accounting Software

What is trust accounting software?

Trust accounting software helps manage and track the financial transactions of a trust. A trust account is an account in which an individual or organization holds funds or assets on behalf of another person or entity. These accounts are often used by legal professionals, real estate agents, property managers, and financial advisors to hold money or assets on behalf of clients.

Trust accounting software allows accurate and secure record-keeping for all transactions related to the trust account. This includes deposits, withdrawals, transfers, and payments. The software can also generate account activity reports that help ensure compliance with legal and ethical requirements.

What are some common features of trust accounting software?

  • General ledger: Tracks all financial transactions related to client funds, including deposits, withdrawals, investments, and expenses. It acts as a central repository of financial information, providing a clear picture of the trust’s financial health. 

  • Billing and invoicing: Generates invoices and bills to clients for services rendered, expenses incurred, or trust account transactions made on their behalf.

  • Client portal: Allows clients and customers to access their account information and perform various tasks (update details, download invoices, etc.) related to their trust accounts.

  • Compliance manager: Ensures compliance with legal and regulatory requirements related to trust accounting by helping you keep a record of every trust transaction, generating reports, and more.

  • Document management: Organizes, stores, and manages documents and records associated with trust accounting. Allows you to categorize or index documents for quick access.

What are the benefits of trust accounting software?

  • Tracks expenses: Trust accounting software helps in the proper monitoring and recording of all the expenses associated with managing a trust account and client funds which, in turn, helps ensure that all the expenses are properly accounted for. These expenses include fees paid to attorneys, accountants, or other professionals involved in managing the trust, as well as expenses associated with maintaining the trust account, such as bank fees, software costs, and office supplies. 

  • Simplifies tax filing: Trust accounting plays an important role in filing taxes because it helps ensure that all income and expenses associated with the trust account are properly accounted for. A trust account also ensures that the account complies with all the tax regulations such as filing a tax return if the trust earns an income over a certain amount or identifying expenses that are deductible for tax purposes. Proper recording and reporting of all such expenses ensure a smoother tax-filing process.

  • Provides stronger security: Trust accounting software offers a range of options that help you protect your clients’ sensitive data. Using this tool, you can control the accessibility of the data and ensure that only authorized users have access. Trust accounting software also has data encryption capabilities. Regular software updates and bug fixes also help ensure stronger user-data security.

  • Offers real-time updates: As soon as financial data is entered into the trust accounting system or there’s a change in the trust fund, the system immediately reflects that data in reports and financial statements. This allows you to quickly track financial activity in real time. You can use this feature to track the balance of the trust account or generate reports. Besides, the tool presents these reports on a dashboard in the form of charts, bars, and graphs, making it easy for you to read and understand them.

What is the cost of trust accounting software?

Most trust accounting software products are priced on a “per month” basis, and their entry-level pricing plan ranges from $10 to $40* per month. An enterprise product that’s priced higher may include additional features such as check writing, calendar management, customer statements, electronic payments, and workflow management.

*The pricing included is for the entry-level/lowest-priced offerings found on vendor websites as of February 28, 2023. 

What are the key questions to ask when choosing trust accounting software?

  • Does the software support integration with accounting software? Integration with accounting software allows easy transfer of financial data between the two systems,  which further supports payroll processes, data analysis, and more. If this is something you can benefit from, ask your vendor whether their solution offers this feature.

  • Does the software have multicurrency support? Having a trust account software solution that supports multiple currencies is essential if you have international clients. Ask your vendor if their product supports multicurrency trust account management as this will allow you to handle transactions in various currencies.

  • Does the software have calendar management functionality? With the calendar management feature, you can integrate trust accounting software with your calendar to schedule tasks. You can also share your calendar with your clients and allow them to self-book meetings and appointments with you. Confirm with your vendor if these features are a part of their trust accounting software.


Sources

Products evaluated for the pricing calculation were taken from GetApp’s trust accounting software directory. The pricing ranges exclude freemium versions of the products. The features highlighted were identified based on their relevance and the percentage of products in the GetApp’s directory that offer them.