Errors with authorized belief accounting can result in severe penalties. Let CosmoLex give you the instruments obligatory to stay compliant.
Belief accounts are among the many most advanced features of operating a legislation agency—and they are often particularly intimidating for small corporations as a result of there are fewer individuals to bear the fiduciary accountability.
So as to add to the stress, compliance errors with belief or IOLTA accounts can result in severe penalties, starting from fines to disbarment.
With built-in authorized accounting, CosmoLex has been offering industry-leading belief accounting instruments for shut to fifteen years, one cause why it’s the most well-liked follow administration resolution for the Canadian Bar Affiliation.
The important thing issue for CosmoLex’s success in belief accounting is offering the instruments obligatory to stay in compliance that don’t require cumbersome workarounds when utilizing QuickBooks or different non-legal accounting packages. Corporations utilizing CosmoLex software program don’t fear about audits.
There are three major causes each small legislation agency needs to be utilizing CosmoLex’s belief accounting.
Discount in Compliance Danger
Common accounting software program doesn’t have built-in safeguards to forestall belief accounting errors. Until you utilize these instruments with excessive care, you would by chance overdraft a consumer’s belief funds, or commingle the accounts. All of those errors can value you your follow, popularity, and hard-earned revenue.
CosmoLex has built-in compliance options designed to offer you peace of thoughts when managing consumer funds. The software program can rapidly run by means of ledgers and transactions to establish any errors and alert the consumer in order that they are often addressed accordingly.
Minimization of Administrative Duties
If you preserve belief accounts, you have got a protracted record of administrative duties it’s essential to full simply to handle your purchasers’ completely different belief accounts. From printing disbursement checks to monitoring third-party lien claims, there’s no scarcity of steps concerned in correctly managing these funds.
With the precise software program, you may automate many of those duties and scale back your non-billable hours.
CosmoLex has instruments to assist with:
- Managing particular person consumer ledgers with out errors
- Processing particular person or bulk bill funds from belief funds
- Transferring earned funds from trusts to agency accounts
- Importing digital financial institution statements
- Producing complete belief stories
For small corporations with restricted sources, lowering the executive workload for belief accounting could make an enormous distinction in how the agency operates. Participating blogs for potential purchasers
Establishing your self as an knowledgeable in your area is crucial for authorized professionals.
Streamline Belief Accounting Processes
Three-way reconciliations are one of the essential elements of sustaining a belief account. Nevertheless, the method of finishing up the reconciliation could be extremely time-consuming.
For instance, a agency should manually examine its belief account financial institution assertion to its inner books and consumer ledger balances—and this step have to be repeated for each belief account maintained by the agency, so it will possibly take a number of hours to finish. To not point out, it opens your agency as much as human error.
If you CosmoLex’s belief accounting instruments, this course of instantly turns into simpler. The software program can mechanically run three-way reconciliations which are quick and error-proof. Better of all, it will possibly additionally archive all of the stories to guard your agency towards future audits.
Begin Your Free Trial At this time and Don’t Delay in Staying Compliant
CosmoLex provides a free trial with customized, hands-on coaching the place our consultants present you find out how to arrange your belief accounting for unparalleled success. CosmoLex additionally offers best-in-class migration providers out of your outdated accounting instruments. Begin your trial now.
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