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)