From the moment, you log into TrustBooks, you can tell something is different about this law firm accounting software.
Built by CPA’s who specialize in trust accounting and law firm financial management, the system is clean, focused and incredibly user friendly. Co-founded by Tom Boyle, he came up with the idea for Trustbooks after years of frustration trying to make QuickBooks and other solutions work for his law firm clients.
When you arrive on the Dashboard, the layout displays three clear areas of focus. The available balance in your trust account is front and center. Your recent activity with deposits and payments make up the next section. Underneath, a menu of actions, which include Matters, Deposits, Payments, Reconciliations, Reports and Miscellaneous, will guide you through managing your trust account.
I mention this because as an entrepreneur myself, I despise accounting software. My family’s business started my long-time hatred of QuickBooks early on at the age of 14. While much has improved, it still feels like you must put in ten times more effort than necessary to get the information you need.
TrustBooks presents only the information that matters. No crazy header menus, or nested drop-down lists with countless options. Get in, do what you need to do, and go about your day.
Another noteworthy theme in the application, is the lack of ‘Accounting Lingo’ as Tom so bluntly put it. He mentioned that while serving law firms he and his team learned how they refer to accounts, clients, and the overall IOLTA management process. So, those are the terms he used to build out the system, making every action relatable and easy to find.
For entering deposits, you simply follow the same workflow and terminology that you use when making a deposit at your bank. Also, TrustBooks recently launched an integration with LawPay so you can import all your LawPay transactions directly into TrustBooks saving you tons of data entry time and headache.
One of Tom’s biggest concerns managing a CPA firm with a law firm client base, was the lack of safeguards in QuickBooks around trust account over drafting. When you cut checks out of TrustBooks, you select the client and the available balance displays. When you process payment, it will not allow you to overdraft the account. While QuickBooks allows clients to go into the negative with no alerts! Errors can only be seen by pulling up the balance sheet, creating a potentially devastating situation for busy lawyers.
Beyond logging everyday deposits and payments, TrustBooks produces the six most important reports you need to monitor your law firm’s trust account. And, I love that these can be generated and sent to you automatically on a certain date each month, making you feel like a lawprenuer rock star!
- Client Activity Report
- Payments Report
- Three-Way Reconciliation
- Detailed Reconciliation
- Trust Ledger Report
- Deposits Report
Which, if you practice in one of these states; California, Florida, Illinois, IOWA, Missouri, North Carolina, South Carolina, Texas, Virginia, or Wisconsin, you will find you can run and submit your required Three-Way Reconciliation Report in a matter of minutes.
One report that TrustBooks’ users really love is the Client Activity Report. This single report automatically generates each month and shows a snapshot of each client, the detail of their monthly activity, and their ending balance at month-end. You get complete insight into what’s going on in your trust account on a client by client basis.
Trustbooks Pricing and Complimentary Services
Recognizing the areas of your business you are either not good at, or don’t like doing is a sign of leadership and maturity. For me and many entrepreneurs, accounting is that area. TrustBooks provides both an accounting software alternative to QuickBooks, and monthly flat-fee CPA services. Their team of law firm specific CPA’s and bookkeepers will come in once per month and do your reconciliation for you. The basic software package is $39/mo or $390/year and the Team plan which offers the add on services is $129/mo.
TrustBooks integrates with industry leaders Clio and LawPay making it easy to connect to the tools you may already use. Built with heart from a place of frustration and understanding, this is a system you can see will become a source of peace of mind for those who use it.
You can learn more about TrustBooks, and their Team Plan Package here.