Tech Tip #108-Lawyers Aren’t Accountants & Accountants Aren’t Lawyers

Tech Tip Legal Accountant

General accountants aren’t familiar with all of the unique challenges and regulations a law firm faces. Lawyers shouldn’t have to master accounting on top of their own specialty. General business accounting software was made with bookkeeping in mind but doesn’t stand up to the unique needs of legal accounting. Use an accounting software built for lawyers, […]

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What To Look For In A Legal Billing System

Legal Billing Software

Attorneys who manage their own practice or firm know the importance of billing their clients. If you don’t bill your clients, you don’t get paid, you can’t pay your bills, and before long you’re looking for a job working for someone else at their firm. You’ll never say it to a client, but billing clients […]

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Tech Tip #107-Ledger Overdrafts Are Avoidable

Tech Tip Ledger Overdrafrs

A ledger shows the amount of client funds a particular matter has. Understand that disbursements or invoice payments shouldn’t affect any balance other than the related matter in terms of ledgers. CosmoLex has your back by not allowing overdrafts from a matter and will give you the reason why. For more helpful tricks in handling client […]

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Tech Tip #106-Monthly Account Reconciliation Isn’t Enough

Tech Tip Daily Reconciliation

Depending on your jurisdiction you are likely required to perform a 3-way reconciliation every 30 or 60 days. While it is important to meet these requirements, you should actually be doing this much more frequently. Reconciling your accounts on a daily basis ensures that you will notice any errors or inconsistencies as they occur, opposed […]

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Why Attorneys Should Use Legal-Specific Over General Accounting Software

Blog Legal-Specific Accounting

So you’ve moved passed the shoebox of records containing the financial inflows and outflows that begrudgingly has to get organized by accountants or office staff. And you’ve decided the time-consuming creation of spreadsheets and reports that miss the continuous communication with accounts receivable. Now you may have hit the common fork in the road: general […]

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