Client funds in trust are the most scrutinized area in your industry. Many states have random audits that gives the Bar free access into your books and trust accounts, with no limit to what they can ask for, or how far back they can look. In most cases, firms are only given 10 days to respond. If your IOLTA records are not in order when that notice comes, ten days will NOT be enough time to hire someone and get the cleanup complete.

We have consulted with many firms who believe their accounts are being maintained accurately, only to show them in a matter of minutes they are wrong. We know from experience that even the most meticulously maintained records will suffer, simply due to the combination of volume and human error.

With Centricity Accounting, we pride ourselves on keeping our clients “audit ready”. Each month we complete multiple reviews and tie-outs between your practice management system and your accounting software, to ensure that your client’s funds are booked correctly in both. We will provide you with a monthly 3-Way IOLTA Reconciliation, along with all corresponding records and backup required by the American Bar Association.