CosmoLex is the #1 Alternative to Clio® + QuickBooks®
Clio® is a cloud law practice management program popular in Canada. Law firms on Clio require a separate accounting package, such as QuickBooks®.
Using a separate billing and accounting system is problematic for law firms, and often leads to duplicate data entry and the error-prone, complex data sync between the programs. Additionally, maintaining Law Society compliance with a general accounting program such as QuickBooks presents persistent challenges.
With our integrated legal practice management, billing, and accounting, CosmoLex Cloud is the best alternative to Clio. CosmoLex gives you everything you need, in one login, for one price, with no QuickBooks required.
Integrated Accounting - No QuickBooks Required.
CosmoLex Cloud has built-in trust and general accounting to eliminate the frustrations of using separate billing and accounting systems, such as:
- Duplicate data entry. This is a time-consuming and error-prone process for lawyers, who can’t afford to waste the resources on it.
- Poor Financial Reconciliations. Complex imports and exports that never seem to reconcile properly leave a lot of gaping holes and room for compliance violations in your books.
- Added Cost. The cost of paying for multiple software subscriptions adds up quickly, not to mention the cost of the required training to get up and running with those systems.
- Scattered Financial Data. With billing and accounting data scattered in different systems, you have no reliable way to get a comprehensive view of the productivity and profitability of staff, clients, or the firm as a whole.
Law Society Compliant Trust Accounting
CosmoLex also gives you comprehensive, compliant trust accounting that keeps you audit-ready all the time. If you use QuickBooks for trust accounting, you need to be aware of critical challenges, such as:
- QuickBooks allows client trust funds to be posted incorrectly to any
account—even to rent or payroll.
- No built-in protection against overdrafts or commingling.
- Law Society required reports are not built-in. They need to be assembled manually from multiple reports, potentially making spot-audits time-consuming and error-prone.
Tailored for Canadian Law Firms’ Exact Needs
CosmoLex was created to tailor-fit the unique requirements of Canadian law firms. With built-in CRA and Law Society compliance reports, your firm will always be audit-ready. Additionally, CosmoLex offers the following Canada-specific features:
- Canada-based data centres
- Bank data feeds for automatic reconciliation
- Built-in support for transaction levies and trust administration fees
- Reports for taxes and input tax credits
- Integrations with leading providers like The Conveyancer, Unity, RealtiWeb, Copitrak, etc.
- Locally trained bookkeepers and accountants
Compliant Client Financials
CosmoLex is designed for the complex regulations pertaining to the practice of law—especially when it comes to the handling of money. Entering and tracking client-related financial transactions between Clio and QuickBooks is likely to result in struggles with actions like:
- Accurately tracking client advances
- Disbursement tracking, billing, and collections
- Paying invoices from trust funds
- Allocating payments to correct general ledger accounts
Comprehensive Financial Records
With one integrated billing, payments and accounting system, you’ll keep your finger on your firm’s financial pulse. A comprehensive set of billing, collection, payment, accounting, and staff productivity reports that are always up-to-date in real-time allows you to always know exactly where the money is coming from and where it’s going.
Top Reasons Why You Can Trust CosmoLex