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 funds, view CosmoLex’s full webinar … Read More
Tech Tip #106-Monthly Account Reconciliation Isn’t Enough
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 to the end of the … Read More
Choosing IOLTA Accounting Software
In my last article, I wrote about the basics of Iolta accounting. In future articles I will talk about different packages and how they handle Iolta accounting. But before you can evaluate software, you need to know what you are measuring. So, in this article, we will discuss features to consider when evaluating Iolta accounting. We will use these factors … Read More
Why Attorneys Should Use Legal-Specific Over General Accounting Software
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 accounting software vs. legal-specific software. … Read More
CosmoLex Version 4.6 To Feature New Bank Data Feed Capabilities
CosmoLex becomes the 1st law practice management solution with automated bank data feed capabilities. NORTH BRUNSWICK, NJ – February 14, 2017 – CosmoLex, a leading cloud-based, law practice management software provider, with their latest update, now gives client firms the ability to easily retrieve bank transaction data via direct data feeds. “General business accounting programs like QuickBooks and Xero have offered similar … Read More
Tech Tip #105-Make The 3-Way Reconciliation Process Easier By Migrating Your Data
The 3-Way Reconciliation Process can be a challenging endeavor for law firms. While it’s required to do this every 30-60 days, it is extremely beneficial to complete the process much more frequently. The problem is the process can be both long and difficult. Migrating all of your legal accounting data into CosmoLex will give your firm the opportunity to automate … Read More
Tech Tip #104-Daily Reconciliations: Not Required, But Necessary!
All too often attorneys think of bank reconciliations as a monthly process. Of course performing bank reconciliations on a monthly basis is better than not doing them at all, but in reality, these reconciliations should be performed on a daily basis. This can be tough to stay on top of but utilizing bank data feeds can make it easier. Read … Read More
Tech Tip #103- Daily Bank Reconciliations Are A Must
Be honest, when you think of reconciling your firm’s bank accounts, do you think of it as a daily activity? Neglecting to reconcile your bank accounts on a daily basis can result in trust accounting compliance issues, unnoticed data entry errors, account overdrafts, and in certain situations failure to comply with regulations associated with specific practice areas like real estate … Read More
Bank Data Feeds & Daily Reconciliations
Whether you like it or not (it’s highly likely you don’t like it), managing your firm’s legal accounting is a major part of running a law firm. Attorneys who enjoy managing their firm’s legal accounting are few and far between. It’s probably even more difficult to find an attorney who gets excited about performing daily bank reconciliations. Why Your Firm … Read More
Tech Tip #102-Understand The Cloud
So many firms have moved their practice management into the cloud or are interested in doing so. Very few firms understand that there are different technology options to consider when making this move. It’s important to know the difference between choices like hosted cloud solutions and true web-based applications for law firms in order to make an informed decision. To … Read More