Making the Switch to the CosmoLex Integrated Cloud System
Today’s lawyers want 24/7 mobile access to their practice and cutting-edge collaboration tools, but most cloud systems require a separate accounting package, such as QuickBooks.
Using a separate billing and accounting system is problematic for law firms, leading to duplicate data entry and error-prone data syncing between the programs, and maintaining bar association compliance with a general accounting program like QuickBooks is challenging.
With our integrated legal practice management, billing, and accounting, CosmoLex Cloud gives you cloud convenience without compromise.
Integrated Accounting - No QuickBooks Required.
CosmoLex Cloud has built-in trust and general accounting to eliminate the frustrations of using separate billing and accounting systems, such as:
- Duplicate data entry. This is a time-consuming and error-prone process for lawyers, who can’t afford to waste the resources on it.
- Poor Financial Reconciliations. Complex imports and exports that never seem to reconcile properly leave a lot of gaping holes and room for compliance violations in your books.
- Added Cost. The cost of paying for multiple software subscriptions adds up quickly. And add to that the cost of the required training to get up and running with those systems.
- Scattered Financial Data.With billing and accounting data scattered in different systems, you have no reliable way to get a comprehensive view of the productivity and profitability of staff, clients, or the firm as a whole.
Compliant Trust Accounting
CosmoLex also gives you comprehensive, compliant trust accounting that keeps you audit-ready all the time. If you use QuickBooks for trust accounting, you need to be aware of critical challenges, such as:
- 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.
Compliant Client Financials
CosmoLex is designed for unique regulations pertaining to the practice of law—especially when it comes to the handling of money. Entering and tracking client-related financial transactions between Clio and QuickBooks is likely to result in struggles with actions like:
- Accurately tracking client advances
- Disbursement tracking, billing, and collections
- Paying invoices from trust funds
- Allocating payments to correct general ledger accounts
Comprehensive Financial Records
With one integrated billing, payments and accounting system, you’ll keep your finger on your firm’s financial pulse. A comprehensive set of billing, collection, payment, accounting, and staff productivity reports that are always up-to-date in real-time, allows you to always know exactly where the money is coming from and where it’s going.
Top Reasons Why You Can Trust CosmoLex