Daily Reconciliation Is Necessary for Lawyers
Bank reconciliations are normally performed on a monthly basis. However, a lot can happen in 30 days. Law firms that only perform a monthly bank reconciliation find this out the hard way. A deposit uncleared by the bank can easily overdraft operating or trust accounts. A disaster if it goes unnoticed until the end of the month. One way your firm can increase the frequency in which it reconciles accounts is to utilize bank data feeds. CosmoLex is the 1st law practice management solution with automated bank data feed capabilities.