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CosmoLex's Bank Data Feed Automatically Downloads Checking, Trust, and Credit Card Transactions

By TechnoLawyer | Thursday, February 16, 2017

Today's issue of TL NewsWire covers practice management and legal accounting software that can download bank and credit card transactions for faster reconciliations (see article below). In addition, you'll find links to the previous 11 TL NewsWire features, including our coverage of practice management software with a Dropbox-like mechanism for sharing files with clients, software for managing trademarks and other IP assets, practice management software for personal injury lawyers, and much more. Don't miss the next issue.

Online banking is a modern marvel we all take for granted. However, reconciliation remains a tedious process. PDF bank statements may save trees but they don't save time. Instead, your legal accounting software should be able to download transactions directly from your bank on daily basis.

CosmoLex v4.6 … in One Sentence

Launching this week, CosmoLex v4.6 is cloud law practice and financial management software that securely retrieves checking, trust, and credit card account transactions.

The Killer Feature

CosmoLex's new Bank Data Feed technology integrates with all major banks, more than 2,000 community and regional banks, and credit card providers such as Chase and Citibank. Login verification occurs directly with each bank. Role-based permissions enable you to restrict user level access to Bank Data Feeds as well as other areas of CosmoLex for internal security.

You can review and accept transactions one at a time or in bulk from a Bank Data Feed instead of entering them manually. This may make sense for credit card statements. You can assign transactions to matters or a general ledger account.

For bank and especially trust accounts, you can instead use the Bank Data Feed for daily reconciliation. CosmoLex automatically matches the transactions your staff has entered with those from the Bank Data Feed and identifies any discrepancies.

"We identified an inability to utilize bank data feeds as a glaring weakness across the law practice management industry," says Rick Kabra, CEO of CosmoLex. "This new functionality is another example of how we continue to separate ourselves from the rest of the industry. Giving firms the ability to automatically import bank data feeds increases the value of our offering exponentially."

Other Notable Features

As Kabra intimates, CosmoLex offers general ledger and trust accounting, which obviates the need to use general accounting software. The CosmoLex Accountant Program enables your accountant to use CosmoLex for free. CosmoLex works with QuickBooks formatted checks (the company also sells its own line of checks). Financial data permeates the software. For example, the Matters Dashboard lists unpaid balances, unbilled balances, and available client advances whether in trust or operating accounts.

CosmoLex adds trust transactions as a liability as a safeguard. You can enter hard costs such as a filing fee and pay it from a trust account. LawPay integration enables your clients to pay bills or fund a trust account online with a credit card.

Several integrations enable you to access your data outside of CosmoLex. The calendar integrates with G Suite and Office 365, while the document management system can use Box, Dropbox, or OneDrive as its data store. Also, Auto-Match technology files forwarded email messages and attachments in the correct matter.

Other features include task management with automated workflows (e.g., court deadline calculations), a client portal for securely chatting and sharing documents with clients, matter notes, and conflict checking.

What Else Should You Know?

Version 4.6 includes an enhanced Data Import tool to make it easier to migrate from your existing software to CosmoLex. This free tool imports clients, matters, bank transactions, accounts receivable, and trust account balances. If you need a turn-key accounting data migration, CosmoLex certified consultants can handle it for a one-time fee. CosmoLex costs $49 per user per month if paid annually ($59 if paid monthly). Learn more about CosmoLex.

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Topics: Accounting/Billing/Time Capture | Practice Management/Calendars | TL NewsWire
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