Previously we wrote an article about trust accounting. You can go look up more about the topic at that post, if you are interested. As a brief summary of the article, trust accounting consists of one party, the trustee, controlling goods or money for another party, the beneficiary. Below are some trust accounting software packages along with our thoughts on each package.
DeltaDataTrust.com
Delta Data has a trust accounting package named “Trust Accountant.” Basically the software keeps track of different trusts. Someone who is only taking care of one trust account probably does not need sophisticated software in order to manage the account. The Trust Accountant is used by banks, family trust offices, and law firms that manage multiple accounts. You can try a demo of this software simply by visiting the Delta Data website (listed above) and petitioning a demo version.
Don’t be scared off by their archaic website. The fact that they post a phone number is a strong indicator that they are a legitimate company. Plus the CPA newsletter gave their software four out of five stars.
InfoVisa.com
InfoVisa has put out a pretty outstanding trust accounting software package named MAUI. Yes, like the island on Hawaii, although Hawaii isn’t necessarily what comes to mind when I think of accounting. One thing we liked about InfoVisa is that they have conferences and events where they market their products and show their functionality. Another key aspect of MAUI is that the developers placed a lot of emphasis on allowing the trust accounting software to interface with third parties. As almost all companies move towards streamlining, integration of accounting information is a top priority.
One last thought on InfoVisa’s products before we move on. They recently released a product called MAUIWeb. Just as it sounds, it is a trust accounting package that can be used over the Internet. The best thing about this is you can access your data from anywhere in the world as long as you have the username and password. This software allows your customers to check their information through the Internet which saves both you and your clientele time and money.
QuickBooks
Yes chances are you have heard of QuickBooks before. We won’t go into much detail here, but with a little tweaking you can use QuickBooks as trust accounting software. With QuickBooks you get a well-known product, with great customer support, and a decent price.
EasySoft-USA.com
EasySoft has some software named Easy Trust. Of all the trust accounting software websites we have visited, this one is by far the most aesthetically pleasing. We only mention this because it is probably a reflection of their software. Although an accountant will definitely want to know trust accounting laws and requirements, Easy Soft will nudge the accountant into compliance. For $250 with a one year license that includes all product updates and tech support, Easy Trust is a pretty good deal.
Another great program is TeDec Fiduciary Accounting Software.