Today's issue of TL NewsWire covers a cloud practice management and accounting system that now includes free credit card processing via LawPay (see article below). In addition, you'll find links to the previous 11 TL NewsWire features, including our coverage of a cloud practice management system with a new document management component that works locally on PCs and Macs like a network drive, a new payment processor with a flat fee per transaction that deposits funds overnight, and much more. Don't miss the next issue.
No shortage of advice exists on how law firms can get their bills paid faster. Descriptive time entries, sharp graphic design, etc. can help, but nothing moves the needle like accepting credit cards. Ideally, accepting credit cards should make your life easier too.
CosmoLex … in One Sentence
CosmoLex, a popular cloud legal accounting and practice management system, recently launched CosmoPay, its new payments processing platform.
The Killer Feature
CosmoPay is a private-label version of LawPay, a payment processor designed to comply with state ethics rules. This offers several advantages. You can sign up for CosmoPay from within CosmoLex or move your existing LawPay account if you already have one. CosmoLex includes CosmoPay at no extra charge, a savings of $20 per month. "In a nutshell, you get the combined benefits of LawPay and CosmoLex, except for a lower fee," says CosmoLex CEO Rick Kabra.
After setup, you can embed a CosmoPay button on the PDF bills you generate in CosmoLex. Send these bills via email from CosmoLex or upload them to the CosmoLex client portal. Either way, clients who click this button pay the invoice on a secure web page. Additionally, you can process credit cards in person using CosmoPay's virtual terminal.
After payment, CosmoLex flexes its automation muscle thanks to its built-in accounting (no need for QuickBooks). It marks the bill paid, deducts the amount due from accounts receivable, and adds the amount paid to the applicable bank account ledger. CosmoLex can automatically adjust trust accounts if used and allocate payments if a bill contains fees and expenses (you can create a rule for allocating underpayments).
Unlike most credit card processors, CosmoPay doesn't deduct credit card fees from payments. Instead, to comply with ethics rules, it deposits the full amount into your bank account. LawPay bills you monthly for accrued processing fees. As we reported earlier this year, CosmoLex's Bank Feed feature automatically downloads transactions from your bank account for faster reconciliations.
"CosmoLex's mission is to simplify law practice management for attorneys," says Kabra. "We've built a strong ecosystem of trusted partners, and will continue to work with LawPay and others to improve the CosmoLex experience for our end users. With CosmoPay we are removing yet another barrier for small law firms, making it easier than ever for them to get paid. This is something all our users will immediately benefit from."
Other Notable Features
CosmoLex has added a number of other new financial features. The accounting system now supports the entry of vendor bills for more precise tracking of your firm's expenses as opposed to general ledger entries. You can create and send recurring office bills. For cases such as workers compensation that involve creditors, CosmoLex tracks third-party liens. The Matter Cost Statement summarizes these liens to help you with settlement negotiations.
The CosmoLex dashboard has gained interactivity. Expand a chart to view it at a larger size. Drill down into any item for details. For example, the Money Finder on the dashboard lists all events, notes, tasks, etc. not yet billed. Click on any item to create a time entry.
What Else Should You Know?
The updated CosmoLex mobile app for Android and iOS offers nearly all the practice management functionality as the desktop web app. CosmoLex costs $49 per month per user. Learn more about CosmoLex and CosmoPay.
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