Bookkeeping for Law Firms Toronto

Law firms face unique financial management challenges that require specialized bookkeeping expertise. From trust account management to complex client billing structures, your practice demands meticulous financial oversight that ensures both regulatory compliance and operational efficiency. Accurate bookkeeping is essential for law firms to manage trust accounts, track billable hours, and maintain compliance with the Law Society of Ontario (LSO) and Canada Revenue Agency (CRA) regulations.

Who Needs Legal Bookkeeping Services?

All law firms in Ontario, regardless of size, must maintain accurate financial records to comply with trust accounting rules and tax obligations and to prevent potential audits. Law firms of all sizes benefit from professional legal bookkeeping services:

  • Solo practitioners juggling client work and practice management
  • Small to mid-sized law firms without dedicated accounting staff
  • Growing practices seeking to streamline financial operations

Our Bookkeeping Services Law Firms

We provide legal bookkeeping services tailored specifically for small law firms, including:

  • Trust Accounting Compliance: Ensuring accurate recording of client trust accounts in compliance with LSO rules
  • General Accounting: Ensuring accurate recording of transactions in general bank and credit card accounts
  • Bank Reconciliation: Monthly reconciliation of trust and general accounts to prevent discrepancies
  • Payroll Management: Process salaries and manage source deductions for law firm staff
  • HST/GST Filing: Preparing and filing HST returns accurately and on time
  • Financial Statement Preparation: Balance sheet, income statement, and trust account reports for year-end compliance.
  • Legal Bookkeeping Software: Expertise in software like CosmoLex, PCLaw, and QuickBooks.
  • Regulatory Compliance: Adherence to Law Society regulations and tax requirements

Why Choose Us for Your Law Firm Bookkeeping

✅ Legal Accounting Expertise: Knowledge of LSO trust and general accounting rules.

✅ Compliance: Ensures compliance with LSO and CRA regulations to prevent penalties.

✅ Specialized Software Knowledge: Proficient in legal-specific accounting software like Cosmolex (we’re an accounting partner) and PCLaw.

✅ Accurate and Timely Reporting: Monthly reconciliations and financial reports.

✅ Transparent Pricing: No hidden fees, with packages tailored for law firms.

✅Peace of Mind: Focus on practicing law while we handle your financial management

Frequently Asked Questions

Can you help with LSO trust account compliance?

Yes, we specialize in recording and reconciling trust accounts in compliance with LSO rules.

What accounting software do you support for law firms?

We support CosmoLex, PCLaw, QuickBooks, and other legal accounting software to streamline your bookkeeping.

How often should law firms reconcile trust accounts?

Reconciliation must be done monthly to comply with LSO requirements and avoid potential spot audits.

Can you help if my books are behind?

Absolutely! We specialize in catch-up bookkeeping and can bring your financial and trust records up to date quickly.

What is the typical onboarding process for a new law firm client?

Our onboarding process is typically completed within 2-4 weeks.

Ready to Simplify Your Law Firm’s Bookkeeping?

MAQ CPA is here to handle your bookkeeping and trust compliance needs so you can focus on practicing law. Let us manage your bookkeeping with precision and compliance.

Email: info@maqcpa.ca
Phone: (416) 901-4126