Law Office Accounting
CosmoLex’s accounting is developed to handle the unique requirements of Canadian law firms, including:
- Accrual Accounting
- Preconfigured Provincial Tax Settings
- Support for Transaction & Other Levies
- Preconfigured Chart of Accounts
- Law Society General Ledger Compliance Reports
- Input Tax Credit Reports
- Invoice Change/Write-off handling
Total Business Accounting Solution
We provide you with an extensive set of tools for business accounting that is robust and complete, like:
- Memorized Payee Accounts
- Journal Entries
- Cost-recovery Imports
- Electronic Data Imports
- Bank Reconciliations
- Cheque Printing
- Origination Credit Calculations
- Collected Fee Distribution Calculation
- Over 100 Accounting & Billing Reports
Credit Card Processing
Integrated LawPay with No Monthly Fee
Start accepting credit cards hassle-free by signing up for a LawPay account within CosmoLex. For new accounts, we’ll cover the LawPay’s fixed monthly fee. Use our end-to-end credit card processing solution to complete trust retainer payments, online invoice payments, and daily reconciliations of received funds.
Retainer & Bill Payments by Credit Card
Clients can pay by credit card (online or by phone) for initial trust retainers, fee prepayments, ongoing invoice payments, and more.
End-to-end Credit Card Accounting
Our integrated system manages the bookkeeping procedures required for credit card payments, like managing where funds are deposited, how they are recognized, how to handle refunds, and more.
Bank/Credit Card Transaction Imports
Import electronic bank/credit card statements for automated data entry. Built-in, adaptive mapping rules can correct payee names and learn a chart of account(s). You can even post matter-cost related transactions while importing to prevent missed expense entries.
Accidental Post-Reconciliation Edits Protection
Designed specifically for Canadian law firms and the requirements mandated by your Law Society, CosmoLex locks your books automatically after a bank reconciliation is completed to prevent accidental revisions.
General Office Bills
Manage all payees from a central dashboard with a chart of accounts. Track and pay all office bills, and always have a comprehensive financial picture. You can even set recurrent bills, such as rent or utilities, and let CosmoLex enter it for you automatically.
Case Cost Bills
CosmoLex automatically performs the required accounting steps for this type of accounts payable like:
- Linking each vendor bill to the correct client matter(s)
- Holding payments until the client’s payment is received
- Differentiating between invoices for client expenses and firm expenses
Fee Collections & Revenue Distribution
Advanced Productivity Analysis
Analyze finance productivity of your timekeepers or responsible lawyers in a variety of ways, based on billing or collection data.
Automated Fee Distribution
Automate revenue distribution calculations by specifying the distribution percentage for billers, as well as various matter parties (originating attorney, matter owner, working attorney, etc.), and generate the report.
Advanced Invoice Changes/Write-offs
Due to accrual accounting requirements in Canada, an invoice can’t be altered once issued. We offer an advanced invoice “change/write-off” function that allows an invoice change — but on a future date. This way, you can efficiently add finance charges, late fees, or write off invoices (in the case of non-payments) to recover previously paid income and sales taxes.
What Our Clients Are Saying
Cosmolex does my reporting for me and makes the accounting portion of things easier for me and my accountant. I… can print cheques straight from the program which is nice. I am no expert on these programs but if you’ve just opened your own practice like me you will want to choose this one over the competition. LawPay has made my life so much easier too. It’s not like the other services that will draw service fees from your trust account- a big no no. “Norm Lundale”
Generally, fantastic experience with CosmoLex, and I recommend it to anyone I can.
Multiple features on one platform…Good overall, makes trust accounting simpler.
Switching from PCLaw, I have found the differences to be striking, and it is hard to believe that I ever… suffered through the clunky PCLaw interface. CosmoLex being cloud-based allows me to work remotely (including in Court), which is a considerable positive. It also does not sacrifice in functionality what it provides in convenience. The interface is extremely user friendly and has made managing my practice an absolute delight. Everything is much more smooth, efficient, and centralized. Because I can access it anywhere, including my mobile device, I no longer have to use paper dockets for my clerk to transcribe into my billing software, which saves immense time. “Ryan Heighton”
CosmoLex is an integrated accounting and file management system. No need for separate accounting programme. I started my own practice… bringing many ongoing working files with me to my new practice. I was able to get up and running immediately and create invoices by month-end. LawPay is terrific and I received a payment the next day I invoiced. The support staff are the best and the Knowledge Base and online training sessions are excellent. “Christina Wallis”
I like the consolidation of information within the matter. The interface is very intuitive. CosmoLex has allowed for greater integration… of our billing and scheduling. “Taylor Stanton”
I’ve had a fantastic experience with CosmoLex. It’s streamlined our bookkeeping and accounting practices and given me peace of mind… knowing that I’m in full LSO compliance. “Deepa Tailor”
I like the simplicity of the program. I like that you can link your Microsoft Office to CosmoLex and sends… you reminders. I also like that once you create a bill it is entered and the client’s outstanding billables are then at zero. “Danielle Nealon”
It’s a great tool and an all in one system. User-friendly. Organised. Easy to use. Great features.
The efficiency of the program saves time every day. Having used other programs that have limited functionality, CosmoLex is a… pleasure to work with. It is a very comprehensive program that allows you to have one program to achieve your Practice Management tasks. I also appreciate the customer service provided by CosmoLex. I have found that each and every issue that I have come across has been resolved in an efficient and courteous way. “Terra Vetter”
It has helped overall managing client trust funds, keeping a record of expenses, dockets etc…Easier to use than PC Law
The fact that is is hosted online and has every feature I think I made need moving forward…I’m positive it… will make my practice well managed. “Sebastien Lapointe”
CosmoLex provides an ‘all in one’ solution to our docketing, accounting, financial reporting, and cloud storage requirements. Customer support for… getting started has been amazing, with ongoing assistance at pretty much any time. Each of our lawyers is now fully integrated into the administration of the firm. We have total transparency amongst the partners, and no one has to take on the burden of the accounting by themselves. “Peter Liston”
I chose CosmoLex because it came on great recommendation from another law firm and has functionalities that other accounting software… does not have (i.e. iOS application for docketing). “Molly Warwick”
The accounting features are comprehensive and the client portal really adds value for clients. The online payment option and partnership… with LawPay is also a fabulous feature. “Deborah Holbrock”
I am now able to practice from anywhere. Remote login issues are no longer dominating my practice and my life!… I can operate from anywhere in the world to service my client’s needs! Cloud-based is now a must for my practice. I am so much more efficient and effective now that I can practice when and wherever works for me. “Tyler Pollock”
The combined functions of bookkeeping and time and billing is awesome, I don’t need two different programs anymore…I feel so… much more in control and the online video learning is the best. “Troy Hunter”
Streamlined everything…Invoice, docketing, client and billing management are easy!
The ease of having everything in one place. All of your matters are easily accessible, creating dockets, doing billing directly… in CosmoLex is a breeze. There’s no concerns on needing to find another program for billing since it as included within CosmoLex, unlike some other programs. A simple 1-point solution, no need to try and locate parts or a file from other programs because it’s all saved in one location and is easily acceptable by our entire office team. “Sarah Pothier”
CosmoLex provided an all-encompassing program that saved us from having to use different programs for different purposes. It was the… functionality of one program vs. many that attracted us. The user-friendly interface means that most lawyers can input the time, and issue the invoices themselves, leaving the bookkeeping for the assistant who now has freed up time. “Jennifer Ingram”
This was our first trial with a legal program and we were immediately impressed with it. It has already done… a great job in tracking our time and staying organized on our files. “Mark Holden”
The accounting features are excellent and all-inclusive! It has streamlined my office procedures!
I love that this is cloud based so I can use it on my mac. Plus it is designed specifically… for law firms “Mark Feigenbaum”
After looking into the program features after receiving a referral from another office and the struggles the office was having… using the current program it seemed a good fit for the office requirements. “Lynne Raney”
Comprehensive – no need for additional programs. Staying with it, which says it all.
Good user interface, standard reports are good, generally stable and responsive
An integrated system with many customizable features. I prefer this system to the others I have used and would highly… recommend it. “Catharine Wright”
Very positive. The onboarding has been exceptional.
Web based; Ease of use right from the start; Excellent training tools; Excellent customer service
Trust accounting compliance coupled with ease of use
Satisfied overall. I’m still learning things every day. It’s a huge learning curve but support is great for helping out… when I’m stuck “Kristen Morris”
Cosmolex is very intuitive software. It does everything you wish other programs would do. It’s easy to fix any mistakes… you make in your billing without having to contact the company for a complicated “work around” solution.
If you do have an issue or a suggestion, the customer service department is very responsive. “Amber Wyrostok”
Overall I like everything about Cosmolex. The accessibility from the cloud as brought great value to my practice.
CosmoLex has made my day to day life at work run much easier and smoother. Easy access and quick responses… to inquiries. Also, changes are implemented based on feedback we give which is amazing from a software company. “Lenna McPherson”
User friendly and easy to learn. Support is exceptional. Each time I have spoken to any CosmoLex persons, I have… always been left with confidence that this is the program for me. “Pat Wiebe”
Tremendous. Very easy to use and does every function I could possibly ask for. My practice would not be the… same without it. Accessible from anywhere. Customer support is an amazing feature. “Jordan Barris”
Overall, so far so good. No complaints. I like how simple and user friendly it is. I also love that… I can access it from anywhere. I also love that clients can pay their bills online easily. “Melissa Buck”
Overall, I’m pretty satisfied with the product, and it meets my needs. I’ve tried a few different cloud-based legal management… programs, and CosmoLex has been the best experience so far. It’s easy to use and has great support. I like that they listen to customer feedback and frequently add new features. “Julian Yang”
LSO documentation is completed automatically. I also like the responsive staff, when I call about questions.
I love CosmoLex. It is easy to use and the support online and over the phone is great! I can… access it on my phone and it is so user friendly. “Brandy Cousins”
Great! Very happy with my decision to switch over to CosmoLex. It has definitely increased my productivity as a sole… practitioner. Integrated law practice management and law firm accounting software. Cloud based so I can access info and bill from anywhere. Ease of generating invoices and that they get emailed directly to clients. I’ve only started using the client portal but my clients so far seem to like this feature as well. “Jody Lownds”
Overall CosmoLex answers my needs. The features it provides in compliance with the law society by-laws.
I like that it is Cloud based and most importantly it has a track timer on it for ease of… use. I also appreciate the Mobile App when not in the office to ensure capturing billable hours. “Ilana Tamari”
Generally I like the program and it is getting easier to use, The fact that updates occur relatively quickly when… an issues is discovered. “Bradley Bullock”
I found the user interface modern, straightforward, and easy to learn. It was also cloud-based, which is a plus, and… I found support very helpful. “Alex Burton-Vulovic”
The interface is easy to use and navigate – everything is where you expect it to be. I also like… how customizable it is. “Jennifer Frank”
We are a new firm and setting up with CosmoLex has been smooth. Meets our Canadian accounting needs. No need… to use Quickbooks! CosmoLex provides excellent support including very useful training videos. “Carol Watson”
CosmoLex enables me to cover all accounting and firm record keeping on one platform. I am working with an accounting… professional in Canada and she appears satisfied with the response for improvement from your company. Upgrades and adaptation for Canadian users are reported and you appear to be developing them. Many intuitive sub reports and there is an ability for each user to add more. “Norman Griesdorf”
Lisa Burgis Der
I was looking for an alternative to PC Law. I wanted the software to be cloud-based so it would work… on our Apple devices. [CosmoLex] was affordable, and that was attractive. It is pretty user-friendly. Online live agent help is incredible. Ongoing software changes (for no additional fees) and free access to training videos is a huge bonus. “Lisa Burgis Der”
I decided to use a cloud based system to avoid the data corruption problems experienced with PC Law. The CosmoLex… cloud based system permits access from any computer anywhere in the world. I can even input time and client expense from my iphone. CosmoLex is also easy to learn and user friendly. “David Hager”
I was using PC Law, constantly had tech issues, backup issues and could not use it remotely. CosmoLex was the… only bookkeeping software that was law society compliant and which was cloud-based that offered client management, docketing and all bookkeeping functions, as well as additional functionality that just makes all our lives much easier. Our staff can now docket and work remotely and our bookkeepers do not have to be on site to reconcile and perform other tasks. “Aaron Grinhaus”
As a new solo lawyer I was looking for Canadian options other than PC Law. Cosmolex fit that bill. Cosmolex… is currently the only viable option for the Canadian marketplace without having to use cumbersome workarounds and fixes to integrate with Accounting software and it hasn’t disappointed. The support has also been very responsive in the switch over process and the team seems to be responsive to new suggestions. “Colin Sullivan”
I was looking for a complete solution to my practice management and accounting needs. I tried various other platforms including… PCLaw and Clio, but they lacked in usability or functionality compared to CosmoLex. PCLaw is not cloud based, while Clio lacks firm accounting functionality and though they advertise quickbooks syncing, there are major issues with the syncing that requires a great deal of work by the end user. CosmoLex is able to do virtually everything Clio can do with respect to practice management and even has a few unique features. However, where CosmoLex really shines is with its built in accounting system. As a Canadian Lawyer we require certain functionality that our American counterparts do not and CosmoLex has done a great job of meeting our needs. CosmoLex can properly deal with our HST/GST/PST issues and payments as well as offer us accrual based accounting as we are required to use by law. There is NO other cloud based platform with an all-in-one solution for Canadian Lawyers. This is a time and money saver for any firm. “Marc Cumbo”
Reasons Law Firms Choose CosmoLex
Built-in Legal Accounting
Credit Card Processing Included,
No Fixed Monthly Fees
Credit card challenges are a thing of the past. Get the security and convenience of online invoice and retainer payments at a simple, low cost.
Customer Support is Always Free
Top Reasons Why You Can Trust CosmoLex