Even a one-person law firm has to manage multiple trust matters through a single account, the dreaded IOLTA. Even though the monies are all in one account, every single penny has to be tracked separately so the firm doesn’t accidentally–or purposely!–”borrow” from one matter to pay expenses on another. It gets even more complicated in larger firms when many attorneys, paralegals, accountants, bookkeepers and clerical staff members need access the trust records.
Attorney time and billing software takes a lot of the headaches out of the process. Arithmetic errors are a thing of the past, although users still need to be careful about simple data entry mistakes such as transposing numbers. Dedicated escrow account software facilitates the process of tracking each transaction and assigning it to the proper matter, ensuring the funds don’t intermingle.
Today’s networked trust accounting software allows employees from all over the firm to access trust records, with permission of course. Anyone working on a matter can enter transactions as they happen rather than forwarding paperwork to an accountant or bookkeeper to enter the figures. People familiar with a case are less likely to make data entry mistakes than someone entering meaningless numbers off an invoice.
Security is a key element of attorney practice management software. Attorneys must maintain client confidentiality, even within the practice. Nobody should have access to a client’s file who isn’t working on the case. Security is even more important when dealing with trusts. Only authorized users will be allowed to enter transactions. Users can be given limited, view-only access if they are workers who need to audit the records or generate reports but don’t need to be able to make changes.
Attorney trust account software walks a delicate balance between accessibility (which allows employees to complete tasks quickly, accurately and efficiently) and security (which prevents problems ranging from simple mistakes to deliberate fraud). Don’t settle for half measures. Use only dedicated trust software to manage your escrows so you can be assured you have the accessibility and security features your practice needs.
Find out more about Easy Trust, our escrow software, by downloading a demo or contacting an Easy Soft representative.