Law Firm Bookkeeping Toronto
Our law firm bookkeeping in Toronto experts assist lawyers, law firms and legal industry service providers with leading accounting and bookkeeping services.
At Toronto Tax Experts, our experience in every aspect of law firm accounting and bookkeeping makes us the ideal CPA firm in Toronto for both sole proprietors and multi-partner law firms.
Regardless if you are a sole practitioner, growing legal practice or senior law firm, it is essential to plan for:
- Advancement planning
- Partner agreements
- Employee satisfaction
- Industry benchmarks
- The evolution of client demands
- Improving efficiency and lowering costs
Our law firm bookkeeping Toronto professionals specialize in helping legal firms improve the efficiency and optimization of business decisions, as well as financial and tax reporting. We provide best practice industry insight on day-to-day economic challenges and long-term business planning
Our team at TTE are trust accounting experts with a long list of experience passing LSUC Audits.
What is a Law Firm Bookkeeper?
The role of a legal bookkeeper is not as simple as a record keeper. There must be an understanding of matters. TTE’s professional CPA’s are responsible for the daily posting of entries for your trust and general accounts, monthly reconciliations, including the preparation of financial statements, and LSUC Financial and Practice Audits.
Few lawyers have only little idea of what the bookkeeper does for their practice. LSUC can review a practice where the bookkeeper hasn’t performed their duties and is without proper review by the lawyer. As many lawyers have experienced, changing bookkeeping service providers can be costly, inefficient. It may even lead to disciplinary investigation if the books and records are not in compliance with the Rules.
It’s a lawyer’s responsibility to ensure books and records follow the rules, whether or not any duties are delegated to a bookkeeper. When hiring a bookkeeper or bookkeeping service, you must define your requirements and needs with your firm.
How to Get Started with Law Firm Bookkeeping in Toronto
We’ll discuss your law firm’s bookkeeping accountant needs to determine which package works for you. Once we have defined your needs, we will create an engagement letter for your review and sign off.
Now we get started on the bookkeeping. At Toronto Tax Experts, our team specializing in law firm bookkeeping in Toronto, work on monthly contracts, allowing you to cancel at any time. We’ll send you an email with relevant information and what files to send us to set up the software and CPA representation.
Set a call with one of our CPA’s and review all remaining questions or concerns.
We will set up Receipt Bank and Cloud Accounting software of your choice and send you login credentials.
Next, the team at TTE will ask you for your bank and credit card statements each month. Please send them, and your books will be updated by the next month.
The accounting software will update your bank account via the secure connection every day, ensuring we can reconcile your accounts.
Now month-end is completed, your expert bookkeeper will accurately reconcile your bank and credit card accounts against general ledger balances. After, we will send you an email with a few uncategorized transaction queries.
Respond with the missing details and you are done!