For lawyers residing in the Greater Toronto Area, TOP TIER ACCOUNTANTS Chartered Professional Accountants specializes in providing accounting and taxation services that most lawyers often require. 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.
As accountants specialized in servicing the legal industry, TOP TIER ACCOUNTANTS Chartered Professional Accountants is more than capable of ensuring that:
• Your books are being completed in accordance with The Law Society of Upper Canada’s stringent requirements, to avoid any penalties that may risk your reputation
• Accurate and efficient bookkeeping at an affordable rate
• Transparent pricing
• A Chartered Professional Accountant who specializes in law firms
• Customized reports and filing of corporate and personal tax returns
We offer you not just our accounting expertise but also value without compromising on the degree of control you have over certain processes of your firm.when you entrust us with accounting and taxation for you and your firm you can focus on the areas of your law practice that matter the most, which is providing the best legal representation and solutions to your clients.
We do not think of you as just a client or file number but as a trusted friend and provide you accounting and taxation solutions unique to your business practice. We understand how crucial it is for corporations to comply with regulations set forth by the regulatory authorities like CRA and Ministry of Finance. We will ensure the compliance of all these regulations while you focus on running your law practice.
We can help you manage your own trust funds as well. Trust accounting can be rather confusing and complicated for those who are not specialized in this area of bookkeeping. We pride ourselves in our specialized knowledge in trust accounts and trust funds.
We can assist you in improving operational efficiencies from the accounting side of things. As your business practice grows, you might feel that accounting tasks are taking away your billable hours from your practice. We have dedicated bookkeepers who specialize in working with lawyers; thus they are well versed with the specific rules and most commonly used softwares to ensure that our client’s bookkeeping records are accurate and completed on time.
We specialize in catering to the taxation needs of lawyers and can help in managing their taxes as well as accounting needs. No matter what kind of corporation they run or own, we can provide our clients with the best possible service.
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.
Furthermore, our firm has a team of professionals who can help you incorporate your services and provide you with other advisory services like estate planning, year-end tax planning as well as the best way to buy or sell a capital asset.
Here are some services which we help complete for our clients:
1. Accounting Infrastructure Review and Process Implementation (1 month)
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o Introduce team and assess current processes
o Review and document detailed processes within accounting infrastructure including bookkeeping, accounts payable, accounts receivable and tax compliance.
o Assess and finalize software and 'app stack' to bring forth efficiencies in the accounting processes, provide automations where applicable, improve controls, etc.
o Provide logins and training to internal team members
2. On-Going Monthly Managed Back Office Services
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o Monthly data entry and transaction review
o Monthly bank account reconciliation
o Monthly credit card expense identification
o QuickBooks Online (QBO) review
o General Bookkeeping Support
o Management Reports Including Key Financial Data
o Accounts payable Support and Payables Management
Plooto payments set up and integration
o Pay vendors and contractors monthly
o General Accounting and Bookkeeping advice
o File HST and make tax payments (including HST and Corporate Tax)
o Bi-weekly payroll processing and recording
Maintaining Payroll Software
Adding New Employees
Managing bi-weekly payroll cycles
Record of Employments
3. Senior Financial Management Services
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o Provide monthly financial reporting
o Provide monthly performance against budget reports
o Help manage cash flow
o Participate in the budgeting and forecasting process
o Coordinate with management team for ad hoc reports and advisory related to external fundraising requests
