New Enhancements Include Tools for Handling Billing Disputes and Regulatory Compliance
NORTH BRUNSWICK, N.J. – June 25, 2014 – CosmoLex, a cloud-based legal billing and trust accounting software provider, announced today the release of version 1.5 of its flagship product. The new version adds an automatic Audit Log, which provides essential information to help defend against client billing disputes and compliance with government and bar association regulations.
Law firm billing software streamlines time tracking, invoicing and collections to enhance a practice’s cash flow. However, any billing software has to have the features that allow it to survive an outside audit. Attorneys most commonly have their billing records audited in two situations: when clients contest a fee, and when an outside agency wants to verify compliance with regulations such as trust account management laws.
If a client argues about an invoice, then the attorney must produce documentation itemizing the hours and expenses included in the fee, showing the work involved. This itemization must be provided at the time of billing, not added later when the firm faces a dispute. Disputes are further complicated as often complaints come months or years after the invoice in question. CosmoLex provides not only itemization of the work done on a matter, but an automatic Audit Log showing the information was entered in a timely manner.
Compliance audits are common for attorneys who work under strictly regulated area such as trust administration. When the attorney is audited, the practice’s books will be examined for non-compliance. The mistake some firms make is to realize they are behind and try to enter months of information after an audit is declared. Regardless of the attorney’s intent, that action is unethical and illegal. The Audit Log shows the auditor not just what information is in the books, but also when it was entered, verifying the books have not been changed since the audit was started.
“We are continually listening to our clients and updating and enhancing CosmoLex with the features and functionality to make their everyday jobs easier,” states Dr. Rick Kabra, CEO and founder of CosmoLex. “Adding the ability for a law firm administrator to easily generate a report on what users have been doing in the system provides crucial audit trail information.”
Developed by veterans in the legal technology space, CosmoLex is the first cloud-based legal billing system on the market today with fully integrated trust accounting capabilities. Other features added in version 1.5 include low retainer reminders, spell check and the ability to print labels when mailing invoices.