Tracking what you owe and when you need to pay it is important for all firms. You want to make sure you pay the bill in a timely manner to avoid interest and, if discounts are offered you want to take advantage of the discount. At the same time you want to manage cash flow and not pay before you need to.
For law firms there are additional factors to consider. Is the bill being paid from IOLTA or operating? Has the client reimbursed for the expense yet and can you wait to pay until the client has paid? Is the bill a responsibility of a client and the firm is managing it pending settlement?
With it’s latest cloud update Cosmolex has added Accounts Payable to it’s product functionality. This important feature addresses managing all aspects of Accounts Payable.
Rather than reiterate all the capabilities here, I recommend you check out Robert Ambrogi’s excellent blog article and the press release from Cosmolex. Cosmolex has also created a white paper that explores the various aspect of managing Accounts Payable in a law firm. The white paper is worth reading whether or not you are using Cosmolex as it explores the concepts that affect Accounts Payable in law firms in a product neutral manner. You can find it at Accounts Payable – What Lawyers Need to Know