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Tech Tip #193: General Accounting & Legal Accounting Aren’t the Same Thing

Legal accounting is far more complicated than accounting for any other small business. That’s why a law firm can’t rely on the same accounting solution as any other small business. General business accounting software doesn’t account for things like; client funds accounting, matter cost accounting, 3rd party billing, fee allocation, and revenue distribution. Your firm needs to understand the differences between legal accounting & general business accounting to maintain compliance. If you’re thinking about using a general accounting program such as QuickBooks in your law office, consider choosing a legal-specific alternative.

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CosmoLex is cloud-based law practice management software that integrates trust & business accounting, time tracking, billing, email & document management, and tasks & calendaring, in a single application.
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CosmoLex is part of ProfitSolv, a collection of best-in-class software solutions for professional services firms, allowing the freedom for growth and innovation. Using a product-centric and customer-first approach, ProfitSolv collaborates with firms to offer better client services.

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