TrustBooks
by TrustBooks
by TrustBooks
Profile Information Last updated on: 1 July 2024
Profile Information Last updated on: 1 July 2024
We help make selecting a software for your business effortless, economical and efficient.
by TrustBooks
by TrustBooks
Profile Information Last updated on: 1 July 2024
Profile Information Last updated on: 1 July 2024
The implementation process for TrustBooks software involves several key steps, tailored to ensure a smooth transition and integration for law firms or solo practitioners adopting this trust accounting solution. The typical process, as gleaned from the provided sources, includes setup and configuration, integration with other software, training and onboarding, and data migration. While the exact duration of the implementation process isn't explicitly mentioned, the presence of a 14-day free trial suggests that initial setup and familiarization can be achieved within a relatively short timeframe. Below is a detailed breakdown of the implementation process based on the provided information:
Setup and Configuration
- TrustBooks is designed to be user-friendly and accessible, with a focus on simplifying trust accounting for law firms. The software's setup process is streamlined to facilitate easy adoption, with features that meet the trust accounting requirements of the State Bar, ensuring compliance.
- The software supports integration with banking institutions and third-party software, including LawPay and Clio, allowing for the import of bank activity between systems. This feature simplifies the configuration process by enabling seamless data flow from existing systems into TrustBooks.
Integration with Other Software
- TrustBooks offers robust integration capabilities, particularly with legal practice management software such as Clio and PracticePanther. These integrations are designed to synchronize activities, including transactions, to eliminate duplicate data entry and ensure that all relevant information is up-to-date within TrustBooks.
- The integration with Clio, for example, is highlighted as a game-changer for users, significantly reducing the time spent on accounting tasks each month by seamlessly pulling transactions from Clio into TrustBooks.
Training and Onboarding
- TrustBooks emphasizes ease of use and intuitive design, likening its user experience to that of using an iPhone, where users can quickly understand how to navigate and utilize the software without extensive training.
- For more detailed guidance, TrustBooks offers the option to sign up for a free demo with trust account experts, providing a hands-on opportunity to learn about the software's features and capabilities in a concise timeframe.
Data Migration
- TrustBooks supports the migration of existing trust accounts to its platform, offering a simple 3-step process for transitioning accounts. This process is designed to be straightforward, ensuring that users can efficiently move their data from previous systems without significant disruption.
- Additionally, TrustBooks provides the capability to run custom reports and export these to PDF or CSV files, offering flexibility in managing and migrating data as needed.
1. Integration with Other Software: TrustBooks facilitates integration with banking institutions and third-party software, including LawPay and Clio. This allows for the import of bank activity between systems, enabling a seamless flow of data and reducing the need for duplicate data entry.
2. Customizable Invoices: The software supports customizable invoices, automated reminders, and online payments. This feature is particularly useful for law firms looking to tailor their billing and invoicing processes to meet specific client needs or firm policies.
3. Expense Tracking and Reporting: TrustBooks offers expense tracking capabilities, allowing users to upload receipts and track expense reimbursements. Additionally, users can run any type of report they want in the Custom Reports page and export these reports to PDF or CSV files, providing flexibility in how financial data is managed and presented.
4. Custom Templates Development: Although TrustBooks does not offer legal-specific workflows out of the box, law firms can customize the software substantially by developing templates for trust ledgers, batch invoicing, check registers, lawyer productivity reports, and more. This level of customization can make TrustBooks on par with platforms like Clio Manage and Rocket Matter, which are also priced higher.
5. User Experience Customization: TrustBooks aims for simplicity and ease of use, but it also supports customization in terms of user experience. For example, while it relies more on self-guided exploration, it provides email and chat support if users need assistance. This approach allows firms to adapt the software to their learning preferences and operational needs.
6. Check Writing and Printing Customizations: Users have expressed a desire for further customization in the check writing and printing features, such as the ability to change the layout of checks and print specific messages like "VOID AFTER 90 DAYS." Although not all these customizations are currently available, the feedback indicates areas where TrustBooks could potentially enhance its customization options.
1. Setup Fees: TrustBooks offers optional onboarding services completed by a TrustBooks Certified Accountant. The one-time fee for this service ranges from $99 to $199, depending on the chosen tier.
2. Maintenance: The software does not explicitly list separate maintenance fees. The subscription cost likely covers routine maintenance as part of the service since it is a cloud-based platform.
3. Support Charges: General customer support appears to be included in the subscription price, as there is no mention of additional charges for standard support. TrustBooks provides support options such as Email/Help Desk, FAQs/Forum, and Chat, which are typical support avenues included in SaaS (Software as a Service) offerings.
4. Additional User Fees: If more users need to be added to the account, TrustBooks charges an additional $10 per user per month. This fee applies across all tiers except for the highest tier, which offers unlimited user roles.
5. Reconciliation Services: TrustBooks also offers reconciliation services completed by a Certified Accountant. While specific costs for these services are not detailed in the sources, they are mentioned as part of the premium features, suggesting an additional cost beyond the standard subscription fee.
6. Premium Features: For firms requiring more hands-on accounting support, TrustBooks provides services like trust reconciliation projects, which are likely to incur additional costs. These services are tailored to firms needing more extensive support and are priced accordingly.
1. Onboarding Services by a TrustBooks Certified Accountant: TrustBooks provides optional onboarding services conducted by a Certified Accountant. This service includes a one-time fee ranging from $99 to $199, depending on the user's needs. The onboarding process is designed to help new users set up and optimize their use of the software, ensuring they are well-prepared to manage their trust accounts effectively.
2. FAQs/Forum: TrustBooks maintains a comprehensive FAQ section on their website, where users can find answers to common questions about using the software. This resource allows users to quickly find information and solutions to common issues, enhancing their ability to use the software efficiently.
3. Chat Support: TrustBooks offers chat support as part of its customer service options. This allows users to get real-time assistance with any issues they encounter while using the software, ensuring minimal disruption to their work.
4. Email/Help Desk Support: Users can contact the TrustBooks support team via email or through the help desk for assistance with more complex issues or for detailed guidance on using the software. This support is accessible directly through the TrustBooks website and is designed to provide thorough and responsive assistance to users.
1. 256-Bit Encryption: TrustBooks employs 256-bit encryption to safeguard data. This level of encryption ensures that any data transmitted or stored within the TrustBooks system is secured against unauthorized access, making it nearly impossible for hackers to decrypt the information without the correct encryption key.
2. Role-Based Access Controls: The software utilizes role-based access controls to manage user permissions. This feature allows administrators to define and restrict access to sensitive information based on the user's role within the organization. By limiting access to essential personnel, TrustBooks minimizes the risk of accidental or intentional data breaches.
3. Integration with Secure Third-Party Software: TrustBooks facilitates integration with banking institutions and other third-party software like LawPay and Clio, which are known for their security measures. This integration not only streamlines accounting processes but also ensures that the security of data remains intact when importing bank activity between systems.
4. Regular Audits and Backups: While not explicitly mentioned in the provided sources, accounting software like TrustBooks typically includes regular audits and backup systems as part of their security framework. These features help in detecting any irregularities and ensuring data recovery in case of data loss or corruption, contributing to the overall data protection strategy.
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TrustBooks' policy on data ownership and portability emphasizes user control and accessibility of data. Users have the ability to run any type of report they want in the Custom Reports page and can export these reports to a PDF or CSV file, ensuring they have control over their data and can manage it according to their needs. This approach aligns with practices that support data portability, allowing users to easily transfer their data as needed.
The terms for scaling up or down as organizational needs change, specifically in the context of TrustBooks, are not directly addressed in the provided sources. However, TrustBooks is designed to cater to solopreneurs and small businesses, offering a simple and affordable solution that can potentially accommodate the varying needs of smaller law firms or solo practitioners. The software starts with basic plans for new firms and scales up through advanced plans with features like multi-firm management, suggesting some level of scalability to meet growing organizational needs.
1. Cancellation Policy: TrustBooks allows users to cancel their subscription by using the cancellation facility on their website before the date of renewal. This provides flexibility for users to opt-out of the service without being automatically renewed for another term.
2. Renewal Options: While specific details on the renewal process are not explicitly mentioned in the provided sources, the mention of a cancellation facility implies that the subscription service is set up for automatic renewal unless cancelled by the user. This is a common practice for SaaS (Software as a Service) platforms, where subscriptions typically renew automatically at the end of each billing cycle unless the user decides to cancel.
These points indicate that TrustBooks aims to make the renewal and cancellation process straightforward and user-friendly, allowing for easy management of the subscription according to the user's needs.
1. State Bar Trust Accounting Requirements: TrustBooks is designed to comply with the trust accounting requirements of State Bars. This compliance is critical for law firms to ensure that they meet the regulatory standards necessary for managing client funds properly.
2. GAAP Compliance: TrustBooks ensures compliance with Generally Accepted Accounting Principles (GAAP), which are standard accounting rules and procedures that companies must follow when compiling their financial statements. This compliance is essential for maintaining fiscal integrity and providing accurate financial reporting.
3. Encryption and Data Security: TrustBooks employs 256-bit encryption and role-based access controls as part of its security measures. These features are important for protecting sensitive financial data and ensuring that the software adheres to best practices in data security, which is a component of compliance with broader legal and regulatory standards.
By TrustBooks