CosmoLex version 4.8 features new Accounts Payable functions and enhanced accounting capabilities to further address and assist with legal-specific accounting challenges.
MONMOUTH JUNCTION, NJ – May 2, 2017 – CosmoLex, a leading cloud-based, law practice management software provider, has announced the full release of a new Accounts Payable module in CosmoLex v4.8. Introduced in beta at this year’s ABA TECHSHOW conference in Chicago, the new Accounts Payable Module was a major point of interest with eager lawyers and other legal professionals concerned with the very specific challenges law firms face when managing accounts payable.
“We consider ourselves leaders in the legal technology space and think that our latest set of new features further solidify our position as such,” said Rick Kabra, CEO of CosmoLex.
CosmoLex’s accounts payable module will address multiple issues associated with vendor bills, including recouping client costs, proper allocation of vendor bills to the appropriate cases, and post-settlement lien-claim disbursements for personal injury firms.
“Accounts payable is much like any other aspect of legal accounting, there are many requirements and regulations that are unique to law firms,” said Kabra. “We have designed this module with these unique needs in mind, as we do with all of our product enhancements.”
A highlighted feature of CosmoLex’s accounts payable module is the ability to track third-party lien claims. For attorneys involved in cases such as personal injury, medical and insurance bills received throughout a case can now be tracked to ensure proper disbursements upon settlement. This groundbreaking ability to track third-party bills solves a legal-specific challenge directly within the CosmoLex application.
“There is a myriad of accounts payable solutions available on the market, but so few of them have the very specific needs of a law firm in mind,” said Kabra. “Attorneys in both small and large firms have struggled to find solutions that can track and manage third-party lien claims, in this release we set out to solve that very problem.”
Interested law firms and accountants looking to learn about the new accounts payable module can read more on the CosmoLex website here.
For any media inquiries please contact Joshua Goldberg at jgoldberg@CosmoLex.com