Accounting
CosmoLex Announces Launch of Canadian Cloud-Based Practice Management & Data Center
In addition to Canada specific business accounting, CosmoLex Canada includes Law Society compliance reports and utilizes state of the art data centers based inside of Canada.
Oct. 17, 2017
CosmoLex, a leading cloud-based, law practice management software provider, has announced the release of CosmoLex Canada. CosmoLex, long-available in North America, has released this special version of its software specifically for Canadian law firms. Canadian law firms are now able to enjoy all the benefits of cloud-based practice management system while being assured that Canadian accounting and law society guidelines are being met. Canadian firms need not worry about privacy concerns as CosmoLex Canada’s data center is based in Canada.
CosmoLex Canada will include several features that are unique to the practice of law in Canada. This includes accrual accounting, trust accounting compliance, complex taxation on legal fees, disbursements and input tax credit relation functions. Small law firms based in the United States have been able to dramatically increase their ability to compete with larger firms by adopting cloud-based practice management systems. Small Canadian law firms now have the opportunity to close that same competitive gap.
“Legal accounting on the surface is extremely complex,” said Rick Kabra, CosmoLex CEO. “Canadian rules, regulations, and requirements only further complicate accounting for law firms. Our focus always has been, and remains, to maintain our clients’ compliance with their legal accounting requirements, no matter their jurisdiction.”
In addition to Canada specific business accounting, CosmoLex Canada includes Law Society compliance reports and utilizes state of the art data centers based inside of Canada.
“The unfortunate reality is that up until now Canadian law firms were a decade behind their American counterparts when it came to modern legal technologies,” said Kabra. “They were essentially stuck with a handful of desktop-based practice management options and didn’t have access to cloud technology.”
In order to provide a complete legal technology ecosystem, CosmoLex provides clients with credit card processing functionality through an integration with LawPay. LawPay is synonymous with credit card processing across the legal industry with over 35,000 firms currently using the service. In addition to valuable features and technology partners, CosmoLex is also training a large team of certified consultants and partnering with law societies and bar associations to better serve Canadian law firms.