What is Cosmolex?
CosmoLex is a practice management software that includes a complete accounting package for law firms. You won’t have to worry about transferring data from and to a general-purpose accounting software package like QuickBooks or Xero because of CosmoLex’s accounting features. Users also get a lot of bang for their buck with the single-tier pricing. This review will help you learn more about CosmoLex if you’re looking for a true all-in-one platform. For monthly contracts, CosmoLex offers a single plan for $89 per user per month, and for annual contracts, it’s $79 per user per month. You’ll get a free accountant login, unlimited file storage, unlimited training, free data migration, no monthly fees for integrated credit card processing, and a 90-day money-back guarantee with every account. You can save money by getting tiered pricing if your company has more than ten users. In a single platform, CosmoLex combines legal-specific accounting and practice management. It offers a variety of features and tools to assist lawyers in managing various aspects of their practice, including time and expense tracking, trust accounting, task management, and reporting. Here’s a quick rundown of some of the most important features.
The main feature of CosmoLex is trust accounting, which is integrated with general accounting, legal billing, and practice management. You can use CosmoLex to create and manage individual client ledgers, print disbursement checks, automate data entry by importing bank and credit card statements, and create a variety of trust accounting reports such as trust ledger transactions and trust client balances. Fixed fees, hourly billing, and contingency billing are all supported by the program. CosmoLex incorporates all UTBMS (Uniform Task-Based Management System) codes to make the billing process easier. You can create and customize invoices for legal purposes, generate invoices for all of your clients in a single click, and print invoices in large quantities. You can first record the expense in CosmoLex and then pay with a credit card or a bank account. From the Accounting module on the left navigation panel, you can add and pay bills through CosmoLex. Click Accounts Payable from the Accounting screen, highlight the bill to be paid, and click Pay from the toolbar at the top. The Pay Bills screen appears, and you must enter information about the account, such as the date, amount, and type of payment. After clicking Pay, the system will automatically mark the invoice as paid. You can easily keep track of both paid and unpaid bills from the Accounts Payable page. For example, take a look at the screenshot below. You can use any mobile device to enter your time and expenses, whether you’re at work or on the road. CosmoLex uses its built-in timekeeping system, called Global Timer, to keep track of time across each matter. Please keep in mind that you can only open one timesheet at a time. The Money Finder feature alerts a company to events that haven’t been paid for and tasks that haven’t been tracked in time. You can use CosmoLex to keep track of all of the events and items that come up in matters and cases. Invoices, timecards, expense cards, and trust transactions can all be created. Every document, billable item, and the task is assigned to the appropriate client matter by CosmoLex. You can add, edit, delete, and copy a point from the Matters tab. CosmoLex, which has built-in storage, allows you to manage all of your files, documents, case information, and compliance requirements from a single platform. You can make your documents. You can find and retrieve any file from anywhere in the world because it’s hosted in the cloud.
Third-party storage providers, such as Google Drive, Dropbox, NetDocuments, and OneDrive, are also supported by CosmoLex. You can communicate with your clients using the client portal’s two-way messaging system. Your clients can use this portal to send and receive files and view and pay invoices using credit cards. Messages, notes, events, documents, invoices, and tasks are among the items that can be accessed through the portal. Your CosmoLex Matter Records account automatically stores all of your documents. Contact Management, Calendar, Matter Management, Time and Expense Tracking, and Notes are all available through CosmoLex’s mobile application, which allows you to access and use them from anywhere. The app is available for download on Google Play and the App Store. Lawyers require a well-organized calendar to manage and track important tasks and deadlines. You can use CosmoLex to create calendar events with descriptions and locations and invite employees to add them to their calendars. You can also set up the billing status, priority levels, estimated hours, and due dates for each task. With CosmoLex, you can create various general accounting reports, such as profit and loss (P&L) statements, general ledgers, balance sheets, and accounts receivable (A/R) statements. Balances, transactions, activity summaries, trust transfer records, and three-way reconciliations are all included in trust reports. CosmoLex’s user interface is one of its most appealing features. It is the first time I’ve signed up for the program, and it’s a joy to use. The important modules, such as Matters, Activities, Accounting, Contracts, Setup, and Reports, are instantly accessible from the dashboard. You don’t have to exit or leave the main matter page to complete any of the functions because they’re all done through pop-up screens. You can easily learn how to use the software even if you’re not a computer whiz or have no accounting experience. It might be time to switch to CosmoLex if your firm has been used to tracking legal matters and doing bookkeeping using two different programs. When compared to similar programs, it combines practice management and accounting into a single solution that is reasonably priced. You get two for the price of one when you use CosmoLex. You can contact CosmoLex’s support team via phone, live chat, or submit a support ticket through the company’s website. The company’s knowledge base, which includes how-to articles, instructional videos, and animated GIFs, is also available online. You can enlist the help of a CosmoLex-certified consultant if you have any questions.View Website
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