Legal accounting has its own peculiar rules. Many of these are not very well understood — even by CPA’s. And as countless lawyers have discovered, trying to do law firm bookkeeping in a generic program like QuickBooks™ is like trying to jam a really big square peg into a really small round hole. It’s always a problem — it never gets easier.
Law firm accounting is also inextricably intertwined with billing & practice management details — which adds yet another level of frustration when working with stand-alone, generic accounting software. The need for duplicate data entry or complex data sync/imports/exports makes the whole situation unpleasant and error-prone.
CosmoLex accounting solves BOTH problems. It’s designed from the ground up to specifically handle all the nuances of legal business & trust accounting. CosmoLex understand terms like retainers, client funds IOLTA, disbursements, advanced client cost, fee income allocations, contingency fees, etc. Generic business accounting programs don’t. All the rules & account types are hard-wired, ready to work for you. And it’s built-in, sitting side-by-side with your billing and practice management data. Which means that all your billable activities & expenses get automatically added to your bookkeeping ledgers — you’ll never have to deal with a failed import/export or duplicate data entry procedure ever again.
Perhaps most important, CosmoLex helps keep you compliant. Built-in accounting makes it possible for CosmoLex to include automatic safeguards to protect you from compliance problems. Remember, a failed audit disbars the lawyer, not the lawyer’s accountant.