The only bookkeeping application designed by lawyers and accountants specifically for IOLTA accounts with a full suite of resources available. Guaranteed to be easy to use and keep compliant records.
We began by auditing several hundred IOLTA / IOLA (“IOLTA”) accounts that were created using different accounting applications and identified the most common mistakes, when mistakes were made in the bookkeeping process, and how the application contributed to the errors.
We then researched the IOLTA bookkeeping rules for each state, and ALTA best practices, and consulted with attorneys and bookkeepers to identify their needs.
The bottom line: an easy to use program means better records and better audits. In turn, better records and better audits save time and money for both the attorney and the title insurance company.
IOLTA One is designed to help firms with both a traditional office structure as well as those moving toward a mobile office structure, by allowing the user to view and update records on any computer or mobile device with Internet access.
The bookkeeping application is accurate, easy to use, and reduces the process of maintaining compliant IOLTA account records to a simple data entry process. IOLTA One uses a guided entry system to capture required information and will not allow the used to enter a transaction if needed information is missing. It also alerts the user if an entry will create one of the common errors frequently found in IOLTA accounts, such as a negative balance.
The application produces a fully compliant main register, individual client ledgers, and reconciliation reports automatically