Our qualified and experienced professionals are available to provide financial guidance to ensure that your legal practice conforms to any Provincial Law Society rules and regulations. Managing write-downs and write-offs effectively requires balancing financial discipline with client relationship management. Neither adjustment indicates poor practice; sometimes reducing a bill or acknowledging an uncollectible account is the right business decision. MAQ CPA is here to handle your legal bookkeeping and trust compliance needs so you can focus on practicing law.

Trusted Bookkeeping for Law Firms Nationwide

Our team is well aware of the taxation rules that apply to the legal industry in Canada and can help our clients find tax relief where they can. Our taxation specialists can help devise a tax efficient compensation plan for our clients according to their needs. If your firm uses a different platform, we can evaluate its compatibility and customize our support accordingly.

Page 6 – Software Stack

Entrust your Bookkeeping tasks to us so you can focus on what you do best — your legal practice. The inverse of write-downs, billing padding, is a serious ethical violation. Firms must ensure that write-downs reflect genuine billing judgment and are not used to mask inflated or unjustified time entries. Overall realization combines billing realization and collection realization to show the total percentage of recorded time that converts into cash. Billing realization measures the percentage of your recorded time that gets billed to clients. Both write-downs and write-offs reduce profitability, but they affect a firm’s books differently.

Conclusion: Choose Kreston GTA for Bookkeeping For Law Firms Toronto

Our team is just a call away from helping you walk through the process of buying or selling a practice. Our Chartered Business Valuators can provide you with a complete range of valuation services ensuring that you are being compensated fairly. Our accounting and taxation systems are well tested to maintain appropriate internal controls required by the law firms to manage their operations effectively. For lawyers residing in the Greater Toronto Area, our firm specializes in providing accounting and taxation services that most lawyers often require.

We have assisted numerous Toronto clients with the LSUC’s Financial Spot Audit and Practice Management Audit. We enjoy working with the entrepreneurial spirit that comes from small and medium-sized practices in the Toronto area. We are particularly proud of the value we can add How Bookkeeping for Law Firms Strengthens Their Finances to newly formed legal practices that want to organically grow their firms. What began as a consultation, over several years, became clear that hiring Bookkeeping Matters was the right decision for us — and it was. Their management of our bookkeeping, payroll, and coordination of our accounting through their CPA partner has been extremely valuable, particularly as we navigated major internal changes.

• Our fees depend on the size of the firm and the work, involved but we can provide a fixed fee each month so that you can budget.
• We make sure that the financial records of your law firm remain in accordance with.
• Our team is just a call away from helping you walk through the process of buying or selling a practice.
• We are diligent at all times to ensure that our clients are compliant with all Law Society of Ontario bookkeeping and reporting obligations.
• Accounting for Law has provided our bookkeeping services for our eight member law firm with offices in downtown Toronto and Bowmanville, Ontario, since 2013.
• No matter the software, we have a formula to teach software optimization and financial record keeping.

OUR CLIENTS

We are capable of managing everything from basic bookkeeping to preparing financial statements with various levels of assurance, as per our client’s needs. While hiring our services, you can be sure of the fact that records or data regarding our clients is in good and capable hands. We have in place strict internal security measures that ensure our clients’ data is always protected. Understanding tax implications and deadlines is crucial for avoiding costly penalties. They don’t mention trust accounts in the first conversation If they’re not immediately focused on IOLTA compliance, they don’t understand law firm work. Reconcile these accounts monthly and document all deposits and withdrawals with detailed ledgers.

• It also acknowledges that the amount is uncollectible, ensuring your financial statements accurately reflect collectible assets.
• The team are always willing to answer questions as they arise and are current with important information.
• Kreston GTA’s systems ensure that time entries, disbursements, and retainers are captured correctly and billed promptly.
• When you maintain proper bookkeeping practices, you create a clear financial trail that demonstrates your compliance with legal ethics rules, particularly those governing client funds.
• In addition, you also have to keep your bank statements as an independent record (source document) of your trust transactions.

We also have an office at 2000 Thurston Drive, Unit 5, Ottawa, ON, Canada, serving eastern Ontario. We provide online PCLaw Bookkeeping training to bookkeepers and lawyers. We also offer bookkeeping services to our clients; we have professional staff trained in some of the most popular legal bookkeeping software such as PCLaw, CosmoLex, Clio, Soluno and GhostPractice. For over 20 years, we’ve helped law firms maintain their records, avoid the difficulties of tax preparation, and enhance their overall financial stability. Our experienced staff is ready to assist you with financial planning, practice management accounting, and tax services. Our staff is made up of a network of professionals with diverse skill sets.

• Law firms regularly incur expenses on behalf of clients—accurately recording, billing, and reconciling these disbursements is essential.
• We can assist you in improving operational efficiencies from the accounting side of things.
• Effective bookkeeping is the backbone of any successful business, and interior design law firms are no exception.
• Using the best practices in bookkeeping for law firms helps us streamline our services.
• Bookkeeping For Law Firms Toronto involves unique requirements such as trust account management, compliance with the Law Society of Ontario, and handling client funds with absolute accuracy.
• This reduces taxable income because the revenue was never actually realized.

Data Migrations

A write-off is a billing adjustment made after invoicing when payment cannot be collected. The firm receives no payment for the written-off amount, resulting in a loss of revenue that was previously recorded or expected. Write-downs typically occur when you believe the recorded time does not accurately reflect the value delivered to the client. A write-down is a voluntary reduction in the amount you bill a client before sending the invoice. It is an adjustment made during the pre-bill review process when you determine that certain time entries should be reduced or adjusted. We specialize in catch-up bookkeeping and can bring your financial and trust records up to date quickly.