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Errors with authorized belief accounting can result in critical penalties. Let CosmoLex offer you the instruments needed to stay compliant.
Belief accounts are among the many most advanced facets of working a legislation agency—and they are often particularly intimidating for small corporations as a result of there are fewer folks to bear the fiduciary duty.
So as to add to the stress, compliance errors with belief or IOLTA accounts can result in critical 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 motive why it’s the popular apply administration answer for the Canadian Bar Affiliation.
The important thing issue for CosmoLex’s success in belief accounting is offering the instruments needed to stay in compliance that don’t require cumbersome workarounds when utilizing QuickBooks or different non-legal accounting packages. Companies utilizing CosmoLex software program don’t fear about audits.
There are three foremost causes each small legislation agency needs to be utilizing CosmoLex’s belief accounting.
Discount in Compliance Threat
Normal accounting software program doesn’t have built-in safeguards to forestall belief accounting errors. Until you utilize these instruments with excessive care, you can by chance overdraft a consumer’s belief funds, or commingle the accounts. All of those errors can price you your apply, status, and hard-earned earnings.
CosmoLex has built-in compliance options designed to provide you peace of thoughts when managing consumer funds. The software program can shortly run by way of ledgers and transactions to establish any errors and alert the person in order that they are often addressed accordingly.
Minimization of Administrative Duties
Whenever you preserve belief accounts, you’ve gotten a protracted record of administrative duties you could full simply to handle your shoppers’ totally 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 correct 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 experiences
For small corporations with restricted assets, lowering the executive workload for belief accounting could make an enormous distinction in how the agency operates. Partaking blogs for potential shoppers
Establishing your self as an professional in your area is crucial for authorized professionals.
Streamline Belief Accounting Processes
Three-way reconciliations are probably the most necessary elements of sustaining a belief account. Nevertheless, the method of finishing up the reconciliation might be extremely time-consuming.
For instance, a agency should manually evaluate its belief account financial institution assertion to its inside books and consumer ledger balances—and this step should be repeated for each belief account maintained by the agency, so it could take a number of hours to finish. To not point out, it opens your agency as much as human error.
Whenever 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 could additionally archive all of the experiences to guard your agency towards future audits.
Begin Your Free Trial Right now and Don’t Delay in Staying Compliant
CosmoLex provides a free trial with personalised, hands-on coaching the place our consultants present you how one can arrange your belief accounting for unparalleled success. CosmoLex additionally supplies best-in-class migration companies out of your previous accounting instruments. Begin your trial now.
SPONSORED CONTENT. Our product highlight content material is offered by Lawyer at Work sponsors and advertisers. This doesn’t represent a product endorsement by Lawyer at Work. See Phrases and Situations for extra info.
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