Financial management software provides a way to account for income/expenses, determine profitability, set budgets, generate reports for periodic estimated tax payments (sole proprietors, partnerships, and S corps) and end-of-the year taxes, manage IOLTA accounts, prepare 1099s and payroll, and more. A true financial management product is more than “billing” software. Some law practice management programs have financial management software included. Other stand alone products are included below.
PRODUCTS (A Non-Exclusive Listing)
Quickbooks – professional standard for financial management and accounting; available as desktop and cloud-based programs
Xero – cloud-based robust accounting and financial management suite
Quicken – personal financial solution
GnuCash – open-source, free software
Wave – small business accounting (free)
Freshbooks – small business accounting
TrustBooks – trust accounting (only) software
FURTHER READING FROM OUR LENDING LIBRARY
QuickBooks in One Hour for Lawyers (Lynette Benton, American Bar Association)