“General business accounting programs like QuickBooks and Xero have offered similar technology, that allows users to retrieve bank data feeds,” said Rick Kabra, CEO of CosmoLex. “Unfortunately, general business accounting programs do not address the very specific needs of a law firm the way CosmoLex does.”
This new feature will increase the ease in which law firms are able to keep track of their bank activities and perform daily reconciliations. Depending on jurisdiction and practice area, it may even be required for attorneys to reconcile accounts on a daily or monthly basis. Automatic bank data feed imports can greatly reduce accounting errors and time spent on the reconciliation process.
“As we continue to build a legal technology ecosystem, we identified an inability to utilize bank data feeds as a glaring weakness across the law practice management industry,” said Kabra. “This new functionality is another example of how we continue to separate ourselves from the rest of the industry with a relentless focus on innovation. Giving firms the ability to automatically import bank data feeds increases the value of our offering exponentially.”
CosmoLex is able to import bank account information from 1000s of financial institutions. Once the initial connection with the financial institution has been established, no further manual steps are necessary. As new transactions are made, CosmoLex will periodically fetch the transactions, automatically match it with book transactions, and request users to review them. CosmoLex will provide one bank account feed free of charge to all users. Additional bank account feeds will incur a nominal add-on fee.
In addition to bank feed functionality, CosmoLex v4.6 also features major enhancements in the way that accounting data is imported for those looking to migrate their legacy data into CosmoLex.
For any media inquiries please contact Joshua Goldberg at jgoldberg@CosmoLex.com