CosmoLex’s built-in business accounting handles all the intricate CRA & Law Society bookkeeping required of every law firm. With other Cloud practice management software, such as Clio, you’ll need another program — like QuickBooks — and that means struggling with duplicate data entry & tedious export/imports.
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.
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
Electronic Data Imports
Origination Credit Calculations
Collected Fee Distribution Calculation
Over 70 Accounting & Billing Reports
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.