November 05 2020

How Simple Trust Accounting Helps your Practice

Trust in your system Trust accounting is a big responsibility and can be stressful for legal practitioners, this is only compounded when you are starting out an...

Marketing

Trust in your system

Trust accounting is a big responsibility and can be stressful for legal practitioners, this is only compounded when you are starting out and don't have a big admin team to rely on. 

Trust accounting is extremely important to law firms, but it's complex and can be hard to manage. If you get it wrong you can expect a visit from your respective law society, which is something you really don't want. Here is how mattero software will simplify this process for you and minimise mistakes.

1. Streamlined Efficiency

A streamlined trust accounting process allows you to focus your resources on providing your clients with the service they deserve. By generating stress-free, audit-ready trust transactions you can eliminate the tedious process that comes with preparing them and get back to your billable work. You are able to view and access a summary of various trust transactions like invoices, receipts, cancellations, and even deposit listing. With mattero you have a stress-free trust accounting process that enhances your firm's efficiency.

Through a more streamlined process you can save time when preparing invoices, which can be a time-consuming process and very tedious. mattero simplifies the process for you by providing full suite for trust transactions.

2. Straight Forward Trust Reconciliation Process

Having a fully functional and up to date trust reconciliation system is critical for legal practices. This reduces the risk of mishandling the reconciliation process which may result in penalties. mattero's intelligent trust accounting features are designed to help you easily complete your monthly reconciliation in a stress-free manner, providing you with the tools and clarity you need to manage your trust responsibilities, while allowing you to easily monitor and track any discrepancies.

3. Statutory Deposits

mattero allows for statutory deposits for lawyers that require it. These are easy to manage with statutory matter and their trust payments are synched with Xero. These deposits are reported on the trust trial-balance report.

4. Trust Report Generation

Managing a legal practice can be difficult and keeping track of your data can be a lot tougher than it sounds, you will need to easily generate reports that are adaptable and comprehensive. A trust accounting system like mattero has a full suite of trust reports that will meet your needs and your client's needs. You can run compliant and audit-ready reports for trust ledgers, cashbooks, audits, trust overdraws, trust trial balances, and trust journals.

A system that maintains compliance will help ensure your trust accounts are always in check and make sure you never receive any nasty little surprises that come with non-compliance.

5. Controls and Audit Trail

Lawyers must maintain strong internal control of their trust account; anything less can spell trouble. mattero legal trust accounting ensures sufficient and reliable safeguards by showing a clear audit trail. You can easily navigate the system and gain transparency over all trust related aspects of matters. From the web-based software, you can see transactions and balances on your dashboard, and you can tell what's going on. You also have control over who can access these aspects of the system. This makes it secure from unauthorised access and greatly reduces the possibility of errors.

Trust accounting software helps to simplify the trust accounting process in your law firm. Having an efficient, compliant, and audit-ready system helps to greatly reduce the stress that comes with preparing invoices and reports by ensuring you can manage and control your trust accounts even without a big admin team.

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Bright side family law
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Private mediation
Law ganised get organised
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sunland_legal_logo
Bright side family law
CatcherLegal_logo_1-line
Private mediation
Law ganised get organised
Evans Planning Law Logo_Navy_Landscape
sunland_legal_logo
Bright side family law
CatcherLegal_logo_1-line
Private mediation
Law ganised get organised
Evans Planning Law Logo_Navy_Landscape
sunland_legal_logo
Bright side family law
CatcherLegal_logo_1-line
Private mediation
Law ganised get organised
Evans Planning Law Logo_Navy_Landscape
sunland_legal_logo
Bright side family law
CatcherLegal_logo_1-line
Private mediation
Law ganised get organised
Evans Planning Law Logo_Navy_Landscape

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