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Enterprise Grade Features - Deep Data Mining

Deep Data Mining

A busy law firm encompasses a wide range of activities: thousands of billing entries, invoices, payments, documents, events, tasks, and more. It’s important to be able to cut through that massive amount of data to focus on the specific information you need, and the quicker you can do so the better. CosmoLex gives you deep data mining tools that allow you to search using multiple parameters to locate your records. For example, you might search for “all matters of Lawyer X, opened last year where the receivable is over $2,000.” A simple search like this will produce a list with all of the information you need.

Collected-Fee Income Allocation

Law firms often base compensation on collections. CosmoLex keeps track of every penny of collected fees of every type including billing lawyer, responsible lawyer, or originating lawyer. Once you set up credit for fees among parties, CosmoLex will generate ready-to-use monthly billing, collection, and distribution reports.

Enterprise Grade Features - Income Allocation
Enterprise Grade Features - Class Based Accounting

Class-Based Accounting

For tax filings, a simple income statement might be good enough. For smart decision making, you need to see income and expenses by “profit centers,” e.g. practice area, lawyer, department, or even by location. CosmoLex’s class-based accounting allows you to seamlessly generate income statements for each profit center using a variety of parameters. Class-based accounting gives you better insights into where money is being made at your firm and where it’s being lost.

Invoice Change/Write off

Lawyers frequently write off balances or other changes to an invoice long after it’s been issued. To prevent making a mess of your bookkeeping, you need a sophisticated financial system that allows invoice adjustments without altering earlier financials. It’s an absolute requirement for “accrual basis” accounting, and good practice for “cash basis” accounting, as well. CosmoLex advanced law firm accounting software allows you to make invoice adjustments easily without affecting prior accounting.

Enterprise Grade Features - Invoice Change
Enterprise Grade Features - Multiple Trust Accounts

Multiple Trust Accounts Per Matter

A mid-size firm might have multiple trust bank accounts and may even split a single matter’s funds among a few different accounts. In CosmoLex, you can manage a matter’s trust funds in more than one account. This advanced capability is very handy when you move a trust account from one bank to another.

Robust Bank Reconciliations

CosmoLex’s accounting is legal-specific, built for lawyers. Bank reconciliations, especially trust account reconciliations, are among the most critical monthly back office operations. CosmoLex bank reconciliation has many advanced features; each month’s activities are kept completely isolated from other months, so you can look back in history and see what was done and when. Financial books are automatically locked post-reconciliation to prevent accidental changes to closed periods, and advanced user permission settings control who can reopen prior months. You can put absolute trust in CosmoLex bank reconciliations.

Enterprise Grade Features - Bank Reconciliations
Enterprise Grade Features - Access Controls

Advanced Access Controls

Just because CosmoLex brings all aspects of practice management into one single application does not mean everyone is able to access every aspect of it. CosmoLex gives you granular privileges and permission controls that determine the level of access for each user. You can limit access bank by bank, report by report, screen by screen, calendar by calendar, and more.

Data Migration Expertise

We understand the importance of safe and secure data migration. Our sophisticated tools and experienced migration team can transfer your non-financial and financial data from almost any other practice management system. This is something we do regularly, and in most cases, our team can get you off your old system and working in CosmoLex without a single day of downtime.

Enterprise Grade Features - Data Migration

CosmoLex is a total practice solution. That means when you log into CosmoLex, you have everything you need to run your entire practice the right way, with the right tools. CosmoLex gives you a comprehensive menu filled with advanced tools designed to make your practice management and accounting easier and more efficient.