Once debtor payments are received, you need to be able to post and report transactions to your clients quickly and accurately in order to recognizing revenue. But for many organizations, this is a slow process done manually and prone to errors that often go unnoticed until it's too late.
The Cogent Client Accounting Module helps you lessen the time spent posting and reporting transactions, while also increasing accuracy. By defining parameters at the firm and client level, Cogent applies logic to transactions that automates the payment posting and client billing/remit process. So there's no need to determine payment allocation orders, or identify which trust accounts payments should be deposited to - greatly reducing the time required to process accounts and the frequency of errors.
Cogent also provides an integrated collector payment plan entry tool that records future individual promises to pay, along with payment method details. As these promised dates approach, your posting staff can group payments together with a single search and post the transactions, without the need to validate payment method details or identify which accounts they should be applied to. This means that you can perform all forecasting from within your collection software and filter transactions by payment method.
Once all financial transactions have been recorded, the Cogent Client Accounting Module enables you to generate remits and cost/fee invoices. You can also apply schedules to generate your client's electronic maintenance and remit files so they are automatically ready to send.