Being released today is a new version 3.3 of cloud practice management platform CosmoLex. Key highlights of this new version are the ability to import bank and credit card statements and automation of the month-end reconciliation process.
I’ve not yet had a chance to view the new version, but information provided to me by CosmoLex says that the new features will include these highlights:
- New customers who are initially migrating to CosmoLex will be able to import their historical financial data by simply importing their prior bank statements.
- Users will be able to load their monthly bank and credit card statements into CosmoLex by the click of the button, reducing the manual recording of transactions.
- CosmoLex will now automate the month-ending bank reconciliation process.
“While we have built our software with fully integrated legal accounting, the system has lacked the ability to interact with our customers’ banks,” Rick Kabra, CEO of CosmoLex, explained. “Version 3.3 was developed with this in mind and we have put a great deal of importance on our customers’ ability to easily import bank statements and close this gap in functionality.”
The update will be rolled out to all CosmoLex subscription customers.
Last week, CosmoLex announced that it had launched an integration platform for technology partners. The integration allows other vendors to integrate their products with CosmoLex to provide subscribers access to a broader variety of practice-management tools. The company says it plans to aggressively incorporate multiple partners into the platform.
“We envision this integration platform attracting technology partners across a number of different areas including payroll processing, document assembly, legal research, and even telephone system technologies,” said Kabra. “While we are considering a number of different technologies, we do intend on being selective and only accepting integration partners that provide the greatest value to our clients.”
It has not so far announced any specific third-party integrations.
To read more about CosmoLex, see my prior posts.