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.
- 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.
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