Is Your Trust Accounting System Doing Enough?
Computers aren’t going to replace lawyers anytime soon, but legal software is critical to an efficient practice. Most firms use some kind of attorney time and billing software but not all packages are created the same. Some billing software doesn’t have the trust accounting features modern law firms need, and that leaves lawyers in one of three categories.
Category 1: Separate But Equal
If your legal accounting software doesn’t include any trust functions at all then you are left with the unenviable task of handling all your trust transactions separately. This means either keeping transactions in a separate trust software package, laboriously exporting from one to the other or even having to do double entry to input the data in both programs. Even worse, some firms handle their trusts by hand, and trying to juggle multiple trust accounts on paper is just asking to make a mistake.
Category 2: Close But No Cigar
Some billing software includes the ability to manage trust accounts, but don’t assume that means it is the same as a comprehensive and dedicated trust management resource. Can your billing & trust solution manage retainers so both you and your clients can easily see the retainer balance on each matter? Can you administer an unlimited number of ledgers in a single bank account without the risk of accidental overdraft? Can you generate the three-way reconciliations right from within the billing software without export? Including a couple of trust features isn’t the same as having a real trust account administration solution.
Category 3: Full Trust Software
Trust management is important and law firms can’t afford to take chances with halfway solutions. You need billing software that includes the option of a full-featured escrow software add-on, a solution like Easy TimeBill and the Easy Trust module. You don’t have to enter transactions twice, once in the billing software and once in the trust software. You don’t have to worry about not noticing retainers run out, as automatic reminders let you know when they run low. You don’t have to run the risk of common trust management mistakes since the software keeps on eye on things and warns you when you are about to overdraft or make some other error.
When it comes to trust management, you need to work with a company that understands the needs of the legal profession, a company that has been providing attorney practice management software for over 25 years — in short, a company like Easy Soft. Download a demo and find out for yourself how easy trust management is with the right tools.