When it comes to management of trust accounts, “close enough” is NOT good enough. Because trust account mistakes are among the leading causes of ethics complaints and disbarment, you need trust accounting software that you can — well, trust! And one that supports a “zero tolerance” for errors.
That’s just what you get with CosmoLex.
(Need a quick trust accounting compliance refresher course? Learn about Trust Account Compliance Needs for your practice.)
Some web-based legal billing and accounting software include a few trust functions. Only CosmoLex includes a full trust accounting system. Cloud-based CosmoLex software gives you all of the following trust accounting features:
Reconciling your bank statement every month isn’t fun, whether it’s your personal checkbook or your law firm’s accounts. Even though you might get away without balancing your personal checkbook, reconciling business bank accounts every month is essential. Good news! CosmoLex legal time and billing software makes bank reconciliation much easier.
Bank reconciliation is simple with CosmoLex! Just open up the account in the software program, check off the transactions listed in your latest statement and that’s it. The entire process takes only a few minutes.
Your firm might have multiple trust bank accounts. No problem. From within CosmoLex, you can manage multiple bank accounts with unlimited client ledgers per bank.
Trust mismanagement is not a joking matter! It is important to reconcile your operating accounts, and it is imperative to balance your trust accounts each and every month. With CosmoLex’s built in trust accounting system, you can reconcile both operating and trust accounts by matter and by account in minutes.
In most states, trust account regulations require monthly three-way reconciliation reports. CosmoLex will produce these critical documents for you — in one click.
CosmoLex legal time and billing software may be 100% cloud-based, but that doesn’t mean you have to go paperless. When you need disbursements, you can print checks directly from the program.
Print checks on your office printer using our check paper stock. View Sample Checks Here
With CosmoLex, you have the option to print voucher or standard check formats. (Voucher formats are recommended for trust bank checks.)
Positive Pay is a service provided by banks that has proven to be an effective weapon against check fraud. CosmoLex cloud based legal practice management software includes support for Positive Pay that protects your practice against fraud.
Check fraud can be especially devastating to practices in certain areas of law such as personal injury and real estate settlements. Even a solo firm could have over a million dollars in a trust account so the potential loss is enormous, and the large number of checks issued every month means multiple parties are involved further increasing the fraud potential.
Click here to learn more about Positive Pay and how CosmoLex legal practice management software can be help you with Positive Pay implementation at your firm.
Auditors love a paper trail, even when there’s no paper. CosmoLex automatically maintains a backed-up record of monthly reconciliations that can protect you from charges of tax evasion, theft or financial mismanagement.
Simple data entry mistakes can give you a false idea of how much cash you have available. Monthly reconciliations catch errors quickly, so they don’t carry into future months.
And CosmoLex also includes automatic safeguard checks that prevent the most common trust management mistakes, such as overdrafts or duplicate check numbers.
You don’t need to export data for bank reconciliation, report generation or check printing. CosmoLex integrates all the functions you need! Click Here To See Sample Reports
If your firm handles client trust accounts & funds, you need time and billing software that includes all the features you need to manage them. Try CosmoLex for 30 days in your practice at no cost or obligation. No credit card is required to sign up for a trial.