28 02
Immigration attorneys see more IOLTA transactions than attorneys in other practice areas. This requires them to align data between multiple systems on a regular basis. This process can become time-consuming and error prone. Watch this video produced by our CosmoLex Accounting Partners at Law Firm Velocity to learn more about IOLTA issues for immigration law […]
23 02
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, […]
22 02
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 […]
21 02
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 […]
16 02
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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