Accounting For Lawyers

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Cloud-Based Bookkeeping Solutions

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Legal Accounting Software

Law firm accounting & bookkeeping services in Canada

A business accountant is a professional who handles bookkeeping and financial statement preparation. These specialized accountants (like us) ensure that the statements and records comply with laws and regulations. and/or handle all the day to day financial management to help business owners thrive!

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What does an accountant do in a law firm?

Legal bookkeeping is the ongoing process of recording transactions that take place at a law firm. This specialized bookkeeping is important for two reasons:

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Ensures that compliance with the necessary authorities is met, such as trust reconciliations.

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Growth potential – if you understand the financial aspects of your business, you can leverage that to increase profitability. Accountants provide specialized services for law firms, specifically, law firm accounting and attorney bookkeeping. Because not all lawyers are trained and/or certified within law-based financials, it is crucial for law firms to hire a qualified accounting firm to properly report finances, avoid penalties and make sure the firm is compliant. These specialized accountants will report to two different entities – the law society and the CRA

“We are really happy with the services received for the migration of our data to QBO and the assistance with the Clio software.”

Great company, amazing customer service

What accounting software should I use for my law firm?

Choosing the right software for your law firm is a vital piece to ensuring future success. The cost per software varies, and luckily for most small to medium sized legal firms, choosing enterprise software is usually unnecessary. The premier software for firms based in Canada is Quickbooks Online & Clio. Working together these software options will provide legal workflow processing, payroll processing, and litigation management.

We recommend QuickBooks Online as it is the leading accounting software for lawyers across Canada. It automates many cloud-based accounting functions by integrating with the cloud software offerings that lawyers use. It provides law firms with all of their accounting, legal billing, and reporting needs. Used by over 8,000 law firms, Quickbooks is the standard by which lawyers can keep their financial records secure and up to date.

Are you using Clio?

Awesome! We are a certified Clio partner, leveraging Clio to further assist law firms. Clio features legal calendaring, task management, time tracking, trust accounting and document management. Most law firms use Clio’s integration with QuickBooks Online to support their law firm with the financial aspects of the business.

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Maximizing your savings

We provide expert advice for law firms looking to maximize their financial savings and fees. One of the effective methods is deducting specific legal fees. It is important to note that the below items are summarized (meaning there might be more nuanced deductions relevant to your specific law firm). Here are some of the more commonly used deductions:

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Legal Fees for Tax Advice or Assistance

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Legal Fees Concerning a Retiring Allowance or Pension Benefit

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Legal Fees Related to Child Support

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Legal Fees to Collect Salary or Wages

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Business-Related Legal Fees

When considering the deductibility, you have to assess on a case by case scenario so it is important to work with experts, like us, to figure out what is actually deductible and how we can help.

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How can I make my law firm more profitable?

We know the inner workings of profitability and what it takes to consistently increase your profits. We recommend a couple of techniques:

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Stick to your highest and best use, delegate the rest.

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Avoid doing non-billable work, and keep track of your billable hours through digital (secure) timesheets.

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Charge more with a specialization or sub-specialization.

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Identify more ways to implement technology - we work with secure and up to date technology that will help you keep track of your financials.

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What are the main expenses of a law firm?

We have identified 5 expenses that law firms are mostly concerned with:

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Court filing fees.

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Witness fees.

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Laboratory fees.

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Deposition expenses.

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Medical record expenses.

Keep track of all of these expenses and more through the suggested (above) technology.

Why cloud bookkeeping?

Making the transition to cloud accounting software is an easy solution to keep up to date secure records of your business financials. Most importantly, cloud accounting software allows you to access all your financial documents no matter where you are working

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Services we provide for all law firms:

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Bookkeeping

Know exactly where your money is coming and going. A clean set of financials allows you to make better decisions.

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Payroll

Envolta offers software that simplifies and automates your payroll process. Hours are calculated, taxes are paid and deductions are removed securely.

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Accounts payable

When you know where all of your money is going, your business can flourish! Allow us, the expert bookkeepers and accountants, to provide a detailed picture of your companies’ payables liabilities and expenses that accrue.

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Cloud accounting

At Envolta, we use cloud-based accounting instead that hosts data remotely and securely online. This allows businesses to operate far more efficiently by streamlining their business accounting systems while cutting down substantially on costs.

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Corporate tax

Our method of handling corporate taxes cuts out the cost, headaches and amount of work involved. Automation reduces our massive overhead and your bill.

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Tax planning

Envolta helps corporations lower their effective tax rate by utilizing federal and provincial incentives that work to your advantage come tax time.

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Virtual CFO

Acquisitions, partnerships, privatization, and restructuring all require complex accounting. Envolta Professionals have a deep understanding of business accounting and our experience means you can make confident decisions during periods of transition.

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System implementation

Envolta provides all companies with a knowledgeable account manager that can assist with the entire accounting process. Depending on your needs our account managers can schedule trainings, and/or observe business practices providing a seamless and easy process from end to end.

Clio Payment: Advanced Legal Billing Software for Law Firms

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Clio Payments: Advanced Legal Billing Software for Law Firms

At Envolta, we’re passionate about leveraging technology to make your life easier and your business stronger. So, if you happen to work in the legal field, then you should pay close attention, because we’re seeing some major shifts in...

Financial solutions built for lawyers

Select A Starter Package

Bronze

Custom pricing

One Time Payment

Software setup includes:

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Desktop Software – QBO Data Migration

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Trial Balance

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Accounts Receivable Listing

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Accounts Payable Listing

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Trust Ledger Reconciliation

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Import Contact List

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Import Chart of Accounts

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Clio – QBO Sync

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We will monitor the sync for 1 week to ensure data integrity

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Cross reference QBO & Clio data to ensure accuracy

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1-hour review with the client once everything has been migrated over

Add ons

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QBO Training

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Historical Trust Ledgers

Contact Us

Silver

Custom pricing

One Time Payment

Software setup includes:

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Desktop Software – QBO Data Migration

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Full General Ledger for “One Fiscal Year”

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Accounts Receivable Listing

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Accounts Payable Listing

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Trust Ledger Reconciliation

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Import Contact List

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Import Chart of Accounts

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Clio – QBO Sync

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We will monitor the sync for 1 week to ensure data integrity

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Cross reference QBO & Clio data to ensure accuracy

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1-hour review with the client once everything has been migrated over

Add ons

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QBO Training

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Historical Trust Ledgers

Contact Us

Gold

Custom pricing

One Time Payment

This includes:

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All the items in the Silver package

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Full General Ledger for “Multiple Fiscal Years”

Add ons

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QBO Training

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Historical Trust Ledgers

Contact Us

Get your online bookkeeping services consult today!

Let’s bring your books into the 21st Century

With so many accounting firms out there, it’s hard to know who you can trust. That’s why our entire company culture is anchored in honesty and transparency. We have hundreds of happy clients, which has made us the fastest growing accounting firm in Canada.

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