Introduction
In today’s fast-paced legal environment, maintaining control and accuracy in accounting processes is crucial for law firms and legal professionals. That’s where CMPOnline’s comprehensive accounting solutions come into play. Designed by a certified public accountant (CPA), CMPOnline’s billing and accounting programs offer a wide range of options that automate bookkeeping tasks and ensure the highest degree of accuracy and automation. In this blog post, we will explore the key features and benefits of CMPOnline’s accounting solutions that can set you apart from the competition and meet the demands of your clients efficiently.
Comprehensive Trust Accounting
CMPOnline’s Trust Accounting feature enables seamless management of remittances, check printing, billing, and automated batch routines for each account separately. With the ability to create unlimited trust/cost accounts, you can easily separate clients into different trust accounts, maintaining proper financial separation. The trust accounting system automates check writing for costs and remittances, allowing for custom remittances, outstanding check reports, and personalized statements tailored to your clients’ needs. The check-by-check remittance capability ensures seamless auditing when required by clients, providing transparency and trust in your accounting practices. All processes are linked directly to the case file, making fee and cost recovery verification, opponent accounting, file accounting audits, and IOLTA reconciliations a breeze.
Flexible Fee Arrangements
CMPOnline offers an array of options to automatically and accurately apply fee arrangements and adjust them as needed when you file suit or hire a corresponding attorney. Whether it’s net or gross remits, bracketed rates, contingent or non-contingent fee rates, CMPOnline’s billing system can handle it all. You can choose from billing options such as recovery of additional suit fees, flat rate, per file, or hourly billing, or even combine them to meet the requirements of complex clients. The system also allows for fee advancements from trust accounts or direct billing to clients, providing flexibility and convenience.
Streamlined Cost Management
With CMPOnline, you can work efficiently by automating cost checks to clerks, sheriffs, process servers, and others involved in recoverable costs. The system can generate checks on demand or accompany court documents, simplifying the billing process. Court cost billing can include group checks or individual court cost statements for each file, and the system can incorporate minimums for both invoices and refunds based on predefined tables. You can access detailed or summary cost history and include creditor names for recording purposes. The invoicing can be done on plain letterhead or plain paper, giving you the flexibility to choose your preferred format.
Customizable Remittance Options
CMPOnline’s billing and accounting solutions offer flexible remittance options to meet the unique needs of your clients. You can customize remittance options based on client preferences, including single or group checks, gross or net remittance, and automatic deductions for payment fees or other costs directly from the remittance. These options improve cash flow and expedite payment processing. Additionally, clients can specify the number of days to hold checks before remittance to prevent the remittance of non-negotiable checks. By offering such flexibility, CMPOnline ensures client satisfaction and efficient payment handling.
Multi-Currency and Tax Configurations
CMPOnline’s accounting solutions fully support multiple currencies, including Canadian sales tax such as Goods and Services Tax (GST) and Harmonized Sales Tax (HST). With clients located throughout North America, including Canada, CMPOnline caters to the unique accounting requirements of legal professionals across borders, enabling seamless financial operations.
Conclusion
CMPOnline’s comprehensive accounting solutions empower law firms and legal professionals to maintain complete control over their billing and accounting processes. Designed by a CPA, CMPOnline offers automation, accuracy, and a wide range of options to meet client demands efficiently. By leveraging CMPOnline‘s Trust Accounting, fee arrangement management, cost handling, customizable remittance options, robust IOLTA trust reconciliation features, and multi-currency and tax configurations, legal professionals can streamline their financial operations and focus more on serving their clients effectively. Stay ahead of the competition with CMPOnline’s robust accounting tools and enhance your firm’s productivity and profitability.