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

Law Practice Accounting Using QuickBooks (PC and Mac) (Lynette Benton)

QuickBooks in One Hour for Lawyers (Lynette Benton, American Bar Association)