How does the Trust Account Management Software help?
Helps by making a big difference
Trust Account Management Software is designed to control Clients’ money with the following benefits:
- Gain full control over your trust account: know the ownership, status and purpose of each dollar in your Trust Account.
- Automate fee from refund process, reduce processing time to 2 minutes, regardless of how many deposits you receive. Immediately know if bank details changed since Client issued authority.
- Produce all necessary forms and reports to control the flow and status of each dollar, as well as money that has not yet arrived.
- Control electronic transfers and cheques.
- Automate Client notifications. Keep Clients in the loop and show them that their money is in right hands. Give them a heads-up about an incoming refund, be the messenger of good news.
- Facilitate audit and ensure compliance, while reducing the cost of it.
- Synchronise your Clients database through a CSV import and update feature, to keep your details up to date without entering details twice.
What are the features?
Fee from Refund features
- Import EFT reports received from ATO daily & assign to Clients automatically
- Review and calculate your available fees, pay all your available fees in one bank transaction and record each fee separately against Client’s funds
- Send out all refunds in one multiple transactions through ABA file
- Sync Clients from CSV to keep consistent data with your tax software
- Make other transactions: accept funds from Clients, pay their tax/expenses, transfer between Clients etc.
- Backup feature
Control and Audit
- Keep detailed track of each transaction for compliance purposes
- Manage & control money flowing in and out of your Trust Account
- Keep constant track of your Clients’ balances
- Reconcile account easily
- Review overdue jobs to recover your fees
- Prepare audit documents and get your audit done quicker
- Send reports to Clients, keep them informed of the status of their money
- Easy access to Client history to assist with any enquiries
Trust Account management software is a simple tool that will allow you to manage and automate processing of your ATO deposits, your fees and payments to Clients. You can also process other transactions, such as payments to the ATO or other third parties. You can hold monies for your future invoices.
Each transaction made in your trust account will have a full description and logical trail, so your audits and reconciliations will become a breeze.
To see a list of all the pages in this category and our important links, click the accordions below.
- Trust Account – first use
- Trust Account management software – features