There are several reasons to keep books and records properly in your law practice.

To protect your important asset - your license

When you are in public practice, you may hold client funds in your trust. The general trust law requires you, the trustee, to be able to account to beneficiaries at any time. In order to do that, you have to maintain accurate books and records of the money you received from each client, the money you disbursed for each client, and the unexpended balance for each client.  You are also required to keep trust transaction supporting source document, such as bank statements. The Law Society aslo routinely conduct spot audit to make sure its members compliant with the record-keeping requirements set out in By-Law 9. Poor books and records often lead to license being suspended by the Law Society. A license suspense can be detrimental to your practice and your career. If you don't have time to do record keeping, use our reliable legal bookkeeping service so you can run your pracite free of worry.

To meet your statutory obligations in filing reports

As a lawyer in public practice, you have statutory obligations in filing reports on time to the Lawyers Professional Indemnity Company for transaction levies, to the Law Society and the Law Foundation of Ontario for your Annual Report, and to the Canada Revenue Agency for income tax and HST. You need accurate and timely accounting records to file these report properly.

To make sound financial decisions about your practice

By maintaining complete, accurate and up to date books and records, you will have current financail information availabe to help you make sound financial decisions about your practice. With meaningful and well-organized financial records, you will be able to run your practice more efficiently and effectively.

Contact Jenny Yan, our team leader of legal bookkeepers, for your legal bookkeeping needs.