Technology and Accounting

Many of you will purchase accounting software. If you have minimal transactions, you may find that the traditional bound accounting books or "one-write" systems are sufficient. But, whatever system you use, it must be capable of handling your office transactions.

While all good accounting systems follow the basic structure described in this accounting module, some systems use different terminology to name records. Beware of generic business accounting packages that cannot deal with lawyers' trust accounting functions or easily accommodate trust ledgers.

Some accounting software offers trust accounting functions only. Fountain Software is one supplier of just trust accounting software. Although these systems are cheap and easy, they have no general accounting capability and you still require a system for doing your regular office accounting.

Other systems (such as QuickBooks and QuickBooks Pro, MYOB, Quicken, Simply Accounting, Peachtree, Microsoft's Great Plains Accounting) provide generic accounting software packages, but check to make sure they are capable of providing the trust accounting features that you require or that they are compatible with the trust accounting software that you intend to acquire.