The funds collected by Interest on Lawyers Trust Accounts (IOLTA) ensure equal access to appropriate legal services for all low-income Americans and Canadians who require legal representation, but cannot afford to hire a lawyer. One of our clients is among the the largest state bar associations in America. They have a complex system that takes a unique approach to their IOLTA process using the SmartSimple solution. In 2017, they granted in excess of $11 million to nearly 100 nonprofit legal organizations across the state. To put that into perspective, that’s enough money to provide 44 million meals for hungry children in the US.
The big challenge, however, for bar associations in both countries is managing the complexities of their individual IOLTA programs. Each state and province has its own rules that govern the administration of their process; exactly how they distribute funds to communities differs based on the type of data they use to allocate funding. Currently, the bulk of software available for managing IOLTA are basically accounting solutions and don’t offer much in the way of flexibility. While they store all the numbers associated with an IOLTA program, they lack the meticulous functionality required for outcomes tracking, detailed reporting, applicant communications, or tailor to meet the specific needs of each bar association’s process.
SmartSimple’s IOLTA360° is the only comprehensive solution you need to manage the sophistication of your bar association’s IOLTA program. From incoming funds from state law firms to the awarding, tracking, and reporting requirements of your supported legal assistance organizations.
IOLTA360° keeps detailed records of every aspect of your process in real-time. Automatically calculate support dollars, track report reminders and confirmations, track every dollar coming and going out of your IOLTA account, and create accurate reports on exactly how every single contribution is being used.
SmartSimple’s IOLTA360° not only records every dollar going out to communities, but also funds coming into your IOLTA account. Instantly reconcile approved funding amounts, how much is distributed, where it’s distributed, and how much of the funding was actually used. No more shuffling and manually enter payment details into your accounting software.
Robust Tracking and Reporting
IOLTA fund management can be cumbersome, especially if you save different types of data in different ways. And even if you use well-reputed legal accounting software, they aren’t designed to manage all your IOLTA activities; they’re designed to manage billings and calculate invoices. IOLTA360° features are configured to specifically manage the nuances of your IOLTA program.
As well as monitoring all the financial and funding details for every organization your bar association supports, IOLTA360° is the only solution that integrates with agencies such as the US Census Bureau to import the latest poverty statistics and give you a complete picture of your state’s funding needs. The National Association of IOLTA Programs then uses that information to perform the intricate calculations required for fair and accurate fund distribution. IOLTA360° also imports required spending reports from funding recipients, incoming applications for IOLTA support, and outgoing payments. Every part of your process is completely reportable and trackable in IOLTA360°.
SmartSimple integrates with any accounting solution or other software you use. Whether you’re exporting data from SmartSimple to your accounting system to cut checks, or importing information from funding recipients into IOLTA360°, your information is recorded where and how it needs to be. Eliminate paper, countless spreadsheets, and time-consuming manual data entry from one program to another; SmartSimple does everything for you automatically, saving hours of administrative time.
This is where the SmartSimple platform really stands out from other software. Create unique, individual portals for both your internal team and external funding applicants and recipients so everyone only sees the information they need. Permissioned users have complete control of which roles see what information, and they can personalize any individual’s portal with a few clicks. Navigating your system options is easy and intuitive, so no No HTML knowledge is required for the majority of configuration work. All of your users can change the view in their own portals as they like, whenever they like.
SmartSimple responsive support offering provides assistance whenever you need us. IOLTA360° comes with comprehensive 24/5 support coverage with live technical support representatives, so you can speak with a real person when you need without any additional fees like other software providers charge. Contact us anytime from 4pm EST Sunday - 9pm EST Friday via phone, email, live chat, or from directly within the SmartSimple Community Portal. For those with more in-depth support needs, we offer our Premium Support Service option. You’ll be assigned a named Dedicated Support Representative, receive additional configuration and training opportunities, and regular meetings and on-demand access to our Customer Support team.
SmartSimple will automate your entire IOLTA process from start to finish, saving administrative time, papers that can be lost, and headaches from stitching together accurate reporting. Every aspect of your program is securely stored in one centralized in one online location. Clearly demonstrate the impact of your funding to communities with reports and graphics that let you drill down into your data to gain meaningful insights. Ensure the greatest level of transparency into the flow of your IOLTA dollars and give funding recipients the access to oversee their own portfolios.
Every aspect of our IOLTA360° platform is designed to be configured to your bar association’s unique IOLTA process. However you prefer to manage your IOLTA program, no matter how large or small your state’s funding pool, IOLTA360° will provide the perfect solution for complete, end-to-end administration.