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Legal Business Accounting Canada - 2

Built for Canadian Law Firms

CosmoLex’s accounting is built from ground up to handle the unique requirements of Canadian law firms, including:

  • Accrual Accounting
  • Preconfigured Provincial Tax Settings
  • Support for Transaction & Other Levies
  • Preconfigured Chart of Accounts
  • Law Society General Ledger Compliance Reports
  • Input Tax Credit Reports
  • Invoice Change/Write-off handling

Accounting compliance is too important to work with generic solutions that can not properly address Canada’s legal-specific requirements. CosmoLex is your answer — and it’s on the Cloud!

Accounting & Practice Management Working Together

Law firm accounting demands constant interaction between your billing & accounting. Disbursements, retainers, invoice payments, etc. affect both billing & accounting balances. When you use separate systems for practice management & accounting, you invariably end up with problems. A single, integrated practice management & accounting system improves profitability, strengthens compliance, and gives you total peace of mind.

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Income Statements — By Lawyer, Dept, Practice Area

In a multi-lawyer firm, it’s critical to track revenue & business expenses by partners or locations — or even by practice area. You may need to create separate profit centers for different practice groups or equity partners. CosmoLex gives you advanced accounting features for allocating your collections to each lawyer — based on originating lawyer, working lawyer & more. General business expenses can be allocated to different profit centers (set as “classes”). Class-based income statements provide actionable financial insights into your profit centers — so you can focus on what’s best for your practice.

Total Business Accounting Solution

CosmoLex gives you an extensive set of tools for Business Accounting that is robust & complete:

  • Memorized Payee Accounts
  • Journal Entries
  • Cost-recovery Imports
  • Electronic Data Imports
  • Bank Reconciliations
  • Cheque Printing
  • Origination Credit Calculations
  • Collected Fee Distribution Calculation
  • Over 70 Accounting & Billing Reports
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Free Login for External Bookkeeper

Every law firm needs a trusted advisor to ensure that their financials are 100% accurate. Our CosmoLex Accounting Partner (CAP) program makes it easy for your external bookkeeper or accountant to work on your firm’s financials (with your explicit permission). There is no cost of this extra account for you or them. Contact our team for details.