CosmoLex is the #1 Alternative to QuickBooks®
It doesn’t take long for law firms using QuickBooks® for accounting to understand that general accounting software presents a lot of challenges. Using separate systems requires you to constantly check that the data is in sync between your legal billing system and QuickBooks, which is time-consuming and task.
QuickBooks is also not built to handle the unique and strict legal accounting compliance requirements, forcing you to rely on cumbersome workarounds.
CosmoLex has legal-specific business and trust accounting with compliance safeguards built-in, so you never have to worry if your books are clean and current.
Separate Billing & Accounting
- Duplicate data entry
- Imports/exports that never seem to reconcile 100%.
- Multiple software subscription fees & required training add up to a real cost of both money and time.
- With billing and accounting data scattered, you have no reliable way to get a grasp on the productivity or profitability of team members, clients, or the firm itself.
Trust Accounting
- QuickBooks allows Client Trust Funds to be posted incorrectly to any account — even to rent or payroll.
- No built-in protection against overdrafts or commingling.
- Three-way reconciliation reports are not built-in. They need to be assembled manually from multiple reports, making reconciliations time consuming and error-prone.
Client Cost Tracking
- Accurate matter cost accounting is challenging because it’s up to you to manually check the correct posting of all items, all the time.
- Tracking of cost recovery between direct and indirect cost reimbursements is also a tedious manual process.
- Inflated revenue is common due to the difficulty in differentiating between income & cost recovery.
Client Payment Accounting
- Partial payments against invoices are applied proportionately – rather than first to costs and then to fees. This requires constant manual adjustment.
- Applying payments from a trust account to an invoice requires multiple steps.
- Online Payments – when QuickBooks does not know which invoices are paid, the money trail is lost. Reconciliation becomes a daily headache.
Start A 10-Day Trial Today
No Obligation. No Credit Card Required.By registering, you confirm that you agree with our Subscription Agreement and to receive our weekly newsletter as well as insider tips.
What Our Clients Are Saying
Cosmolex provides a familiar and simple user interface that allows our firm to quickly and efficiently manage billing and times.
CosmoLex helps me efficiently track my time. Only positive experiences so far!
Top Reasons Why You Can Trust CosmoLex