We are looking at a change of accounting software. We don’t need an all singing and dancing program, just one that flags up periodic charges and other deadlines.
Does anyone have any recommendations?
Many thanks
Guy Birtwistle
Director
Fishers Solicitors
Ashby de la Zouch
Hi Guy
I like and use Troika by thewealthworks https://thewealthworks.com/troika-trust-accounting/ . This is the only program they do and so they put their all into it. I am not sure what you mean when you say you don’t want an all singing all dancing one: any software program is generally capable of far more than most of is use it for. As well as the accounts, relevant dates etc, all your trust standing information can be kept in Troika with reports produced using the relevant parameters as and when required, obviating the need for spreadsheets which as we all know are not ideal for this sort of thing and making everything all much more transparent and easily manageable. Worth a look in my view!
Good luck
Sara
Hi Sara
Many thanks. I guess I was looking for a less comprehensive system, so that we’re not paying for the 80% or so that we’re unlikely to use. I am probably whistling in the wind there.
Thanks again
Guy Birtwistle
Fishers Solicitors
I too need help with trust accounts, up to now done " on the back of an envelope" as it were. Thanks for the information on Troika, which I looked at. There were no costs quoted, but like Guy I think it is way more than what I need. Is there anywhere an accessible (I am not a professional) pro-forma for a generally accepted way of laying out trust accounts (on paper)?
Geoff Parker
Hi Guy
I have used only two trust accounting systems. One is I understand being allowed to wither on the vine as it’s not really a core product and the other is Troika. I don’t think there is anything else out there although am happy to stand corrected. If you haven’t already had a demo it would be worth asking. Nothing lost!
Good luck
Sara Spencer
Hi Geoff
You mention you are doing trust accounts but are not a professional. Trust accounts are mainly about trust and tax law with a bit of double entry book keeping thrown in. I would strongly recommend that you take professional advice. Every trust I have seen that has been administered by a lay person has been (for want of a better expression) a mess. I would never put myself out there to do people’s business accounts and I don’t think it is a good idea for non trust people to do trust ones. If you look on the STEP website you will find someone in your area who can help you.
Good luck
Sara Spencer | Trust Manager
Sara Spencer Ltd, 8 Kingsway, Harrogate, HG1 5NQ
07952 651881 | 01423 524114
Hi Sara
Thanks again. I have contacted Troika and will be having a virtual demo in a couple of weeks’ time.
I will let you know how we get on.
Regards
Guy Birtwistle
Fishers Dewes
Hi Guy,
I really like the software but found it expensive, as we only needed the accounting part - we already have a tax return software. Good luck
Lucy Orrow CTA TEP
Lambert Chapman LLP
Guy
Although you state that you do not want all singing and dancing software, anything more sophisticated than basic bookkeeping and investment entries will probably be just that. Which trust accounting software do you currently use?
We use CCH trust accounts (is this perhaps the one previously referred to by Sara Spencer as being allowed to wither on the vine?) which is more than adequate for trust and Estate financial statements and the income and gains information can be exported into tax return software. However it does not prompt for any deadlines nor deal with any tax reporting by itself (it can produce detailed reports of taxable income and chargeable gains). CCH clearly do not consider it to be a very important part of their offering and the basic bookkeeping software is very elderly. Due to the various problems we had been having with it (mostly now resolved with the new formatter) we looked around for alternatives and looked closely at Troika. I was very impressed - it does far more than CCH - and the cost was comparable with CCH (not cheap but not outrageously expensive) but sadly it was not compatible with our other CCH products or office network set up so we have stuck with CCH trust accounts.
Regards
Maxine Higgins
Citroen Wells
Hi Lucy
Yes, I suspected it might be more than a tad expensive, but I will see if it can be pared down.
Thanks
Guy Birtwistle
Fishers Dewes
Many thanks, Maxine. I will bear that in mind.
Regards
Guy Birtwistle
Fishers Dewes
No idea if they support trust packages but you could look at T-Tech as a way of integrating software that isn’t usually compatible - they claim to be able to pull info through from any accounts/tax system to others. No idea if works yet, we’re in process of looking at it for our accounting practice.
Juliet Field
BRC Accountants LLP
Many thanks, Juliette
I have a demonstration webinar with Troika next week and take a view following that.
Guy Birtwistle
Fishers Dewes
We are fans of Isokon – there is a workflow package in there, although we are using other methods. Broken down into modules, so we didn’t buy the tax return bit that is covered by other software in the firm.
Regards
Terry Hill
The Fry Group