Practice Management Software Features
User-friendly System
Cognito Practice Management and Legal Accounts software provides information in a user-friendly way for the firms cashiers, fee earners and partners. As well as providing considerable detailed analysis of individual ledgers, it also gives summaries for instant examination.
Law Firm Accounts
As standard the Practice Management solution offers full nominal accounting and ledgers which are available with consolidation. This includes automatic preparation of the Profit and Loss account in the firm's preferred style. Where required, Profit and Loss by department or branch can be obtained, with costs automatically apportioned.
Budgets are set that enable performance measurement. An extensive range of management reports are offered and trained users can develop their own.
Client Accounting
PracticeManager™ includes a client accounting system that keeps the individual billing, creditors and disbursements under control. Each client matter has its own ledgers for time, office, disbursements, bills, client bank, DDA and loan accounts.
Budgeting
For each new accounting year, budgets can be copied from the previous year, with a percentage uplift applied. Budget figures can be entered annually and apportioned by month, or entered by individual month.
Balance Sheet
The balance sheet is available at any time, formatted to the firm's standard accounts presentation.
Easy to Operate
Posting entries to ledgers couldn't be easier; as the system is intuitive and quick to navigate.
Client Database
Access to client details is an essential part of the Cognito software system. The amount of information kept on each client in the database can be adjusted to suit requirements. Cognito's firm-wide database enables prompt personal and competent service over the phone, strengthening a practice's reputation.
Client Relationship Management (CRM)
All contact details are entered once and held centrally. These details can be linked between cases, clients and other contact types. For example, expert witnesses, estate agents and financial institutions are available to any new cases and when changes occur they only need to be amended once to update all matters associated with them.
Anti-Money Laundering (URU)
A money laundering checklist can be automatically initiated when required. Proofs of ID are stored on the system, in line with current requirements.
Confidentiality and Security
Definable access rights are set for users to permit full access, view only, or to exclude users from specific areas of the database.
Find Documents
The document register is available to log the documents held for each client together with a history of any movements. Document categories include deeds, wills, power of attorney etc. Reports are available to show different documents held by
each client, what's stored at a particular location and will reviews due.
Firm's Client Records
PracticeManager™ holds a log on the location of the firm's internal hardcopy records of client correspondence. Both current and archived files can be located and retrieved efficiently.
PracticeManager™ Diary
• Firm-wide diary - checks staff, equipment and room availability to schedule meetings.
• Event notification - Warns of meeting requests to accept or reject.
• Diary entries linked to client matter.
- Allocates time to the client for billing.
- Diary entries can be accessed directly from the case record.
Management Reporting
200 Reports as Standard
A wide range of audit and management reports come as standard with around 200 different reports available with PracticeManager™.
Reports include Profit & Loss, Balance Sheet, Aged Debtors and Creditors and Work in Progress. Exception reporting indicates where billing frequency, time or disbursements are approaching "exceeded" limits. Summary reports include Statement of Statistics and Fee Earner Analysis.
Report Categories
Several different sets of reports are included for each of the following categories:
Individual Client and Matter
Matter Listings - Financial Balances
New Clients & Matters
Current Client and Matter Analysis
Completed Matters
Legal Aid Management
Document Register
Diary - Firm-wide or User
Time - Summary and Audit
Fee Earner Management
Management - inc. Credit, P&L, Budgets
Billing Reports
Nominal Ledger
Purchase Ledger
Disbursement Purchase Ledger
Cash Books
Audit Trails
Database Information Retrieval
In addition to the standard library of 200 ready to run reports, an additional capability to define and design user specified reports is available.
This powerful and flexible reporting system enables trained users to generate their own database reports. Users can select and filter information to accommodate particular firm requirements.
Fee Earner Performance Management
Work in progress reports summarise information on matters by client and fee earner.
Measurement of Performance
A range of time reports measure productivity and identifies missing or outstanding time sheets early on, ensuring that all time is accounted for and billed. Time written off can be analysed in a variety of ways. An aged disbursements report analyses disbursements that are currently unbilled. Critical task reminders are available via the diary and by report summaries.
Fee Earner Budgets
A monthly report is available that shows time budget, billing budget, estimated budget and new matter budget compared to actual.
Fee Earner Analysis
A summary report is available that shows profit costs, unbilled disbursements and unpaid bills for month and year-to-date.
Time Recording and Management
The system provides alternative methods to create flexibility for time-recording and allocation to matter:
• Time sheet manual input
• Automatic recording of time
Both recording methods can operate as fixed time or actual time taken.
Defining Codes and Rates
User defined activity codes are linked to the fee earner rate and legal aid rate to automatically calculate charges for the work.
Multiple rates per fee earner and any Legal Aid rates can be set up.
Time Managing Case Work
Time limits can be set per matter to generate on screen or reporting alerts when their set limit is approached. Various time audit and analysis reports are also available and a billing guide is produced for individual matters.
Credit Control and Systematic Facilities
The PracticeManager™ System
Keeps billing on a regular basis, including disbursements Ensures that clients pay promptly and late payers are followed up.
Systematic Process
Time limits are set on individual matters to determine when the bill is sent and to control excess accumulation of work in progress. Firm defined credit periods keep payments on track and ensure positive cash flow.
Disbursement Accounting
PracticeManager™ intelligently handles both individual disbursement payments and high volume disbursements where credit facilities are in operation.
Interest
The Cognito Interest Calculator works in line with SAR (Solicitors Accounts Rules) to determine entitlement to interest. The system automatically posts the amount due to the client's ledger. As interest rates change, new rates are entered, taking into account clearing days, defined as any number of bank working days in line with the clearing procedure. This automated process saves time engaged in administration procedures.
Extensive Accounting Features are included as standard
Cognito’s PracticeManager™ software grew out of a successful legal accounts system, which was further developed to meet the wider demands of the profession - one reason why many firms are delighted with the breadth of convenient facilities.
Auto posting routine
Can be used to automatically post transactions made on a regular basis, for example, monthly Direct Debits. Once set up, it is quick and simple to use. Due postings are notified when action is required.
Batch postings
A fast process that saves time where there are several transactions of the same type are required e.g. input of cheques received. The system enables the cashier to move directly to a new case to perform the same transaction for another client.
Batch reporting
Automates production of multiple reports run at regular intervals. Typically batches for daily audit reports or a series of month end and management reports.
Bank reconciliation
Statement reconciliation between bank and office accounts or client accounts. The cashier can save any progress made, allowing the bank reconciliation to be completed in stages. A record of previous reconciliation reports
is retained.
Bill printing
Automatically calculates and formats bills.
Cashier Posting
Fee earner logs request and forwards to cashier to raise cheque. The cashier can check the ledger before posting and print the cashier authority voucher for record purposes.
Cheque printing
Can be set-up to firm's cheque format and automatically printed. Accompanying remittance advice slips can be automatically set-up to print with the cheque.
Client letters
Automatic production of standard letter informing client of cost updates for current matters.
Data Security
Secure 'posting roll-back' for recovery from system crashes. Partially completed transactions are ignored should a system crash occur.
Double entry
This is achieved automatically from a single input.
Full purchase ledger
Including discount diary for early settlement and ability to handle unpaid disbursements efficiently.
Fully automated VAT
Accounting for all ledgers and reports. |
