There are a number of reasons why your firm may need to migrate their legal accounting data. It’s possible that you are merging with a partner firm, or perhaps you’re splitting from a former partner. It could just be that your firm has come across a better legal accounting solution and need to make the switch for the sake of your firm.
Whatever the reason may be, it’s tough to come across a firm who looks forward to the process of migrating their legal accounting data. Different systems format accounting data differently and bringing them from one system into another is virtually impossible. In the past your firm has probably settled on simply bringing over only the account balances and leaving all of your transactional data behind. While many firms may consider this an acceptable method of migrating their legal accounting data, it’s important to know that it isn’t. A true disconnect in the data is created that can lead to issues in the all important reconciliation process, cause commingling of client funds, and ultimately even result in disbarment of the firm!
Now, factor in that two of the most commonly used methods of migrating that accounting data are less than efficient. With so much on the line for your firm, how could migrating your legal accounting data be anything but a popsicle headache?
Of course there is the previously mentioned method of only bringing over account balances and losing valuable transactional data. That certainly isn’t ideal. The second commonly used method is to rely on automation. While I am a major proponent of using automation to increase the ease in which you manage your law firm- migrating your accounting data isn’t the appropriate task to put it to use. Varying legal accounting solutions used do not share a standard data format, creating an extremely messy process to migrate the data that calls for format conversions and manual coding. Between the conversions and manual coding, your firm would open itself up to additional costs and a greater potential for errors during the migration process.
How Can Your Firm Migrate Legal Accounting Data Easily?
While migrating legal accounting data from one system to another has always been a nightmare, it simply isn’t the case anymore because CosmoLex has made it simple!
Firms looking to migrate legal accounting data from a previous practice management or legal accounting system into CosmoLex can do it by easily importing electronic bank statements. These electronic statements serve as a standard format, and carry all of the firm’s transactional data.
Migrating legal accounting data may have presented a great challenge to your firm in the past, but CosmoLex is now presenting your firm an incredible opportunity to start anew in the only legal-specific accounting system without ever having to be concerned about losing transactional data and the problems that come along with it.