While all good accounting systems follow the basic structure described in this accounting module, some systems use different terminology to name records.
Generic business accounting packages cannot deal with lawyers’ trust accounting functions or easily accommodate trust ledgers but there are many integrated systems available, which address the needs
of the legal market. These packages take the idea of a general accounting and financial statement package and apply them to the specific needs of law firms. As well as offering all the features of the general accounting systems, they can (and usually do) incorporate conflict checking, calendaring (bring forward systems) and management reports specific to lawyers and law offices.
The cost of these packages varies. Many, particularly those that are cloud-based, are subscription-based, with monthly fees depending on the number of users.
Do not purchase software for trust accounting without first consulting the Law Society. If you are looking at software, the Law Society currently approves the following programs for trust accounting:
Ideally your system should also handle all necessary deductions and filings, including income tax, GST, PST, CPP, E.I., and WCB.