Which software is best for managing an IOLTA Client Property Trust Account?
We just launched the first video last night in the completely-free video series entitled "A Simple System For Managing A Law Firm Trust Account That WON'T Make You Feel Like A Schmuck" and the questions are already starting to come in.
Question: "I've been told there is a way to use Quicken or Quickbooks to manage my trust account. The price is ok. Do you recommend Quicken or Quickbooks or something else entirely?"
Answer: I would recommend you stick with one of the law firm
management specific software programs and not try to twist Quicken/Quickbooks
into what it was not meant to be.
Although you certainly can try.
But in the end you're not going to save any money. You're going to waste alot of time. And you're going to lose alot of sleep.
VERY IMPORTANT FIRST STEP: Don't bother with ANY law firm financial
management software until AFTER you have a solid understanding of how your
IOLTA client property trust account and general ledger, budgeting & billing
system should work MANUALLY first. Because you
don't want to be introducing automation into chaos. Or else you'll just end up automating
the chaos. And then you won't even know if
it's the confusion over how to manage the trust account & financials of your law firm OR confusion over the software itself.
This is a mistake we've all made. It can easily cost you
years of your life and hundreds of thousands of dollars in opportunity
cost. For some lawyers it can be even
more because they never figure it out.
So learn how to manage your trust account first before wasting time or
money on any software.
Managing A Law Firm Client Property Trust Account That WON'T Make You Feel Like
A Schmuck". Again, been there, done
that! Don't want YOU to have to go
through it too.
Here's the link:
Let me know if you have any questions. Happy to help,