Lawyers
Professionals specializing in all your taxation requirements
Experienced Accountants and Tax Specialists for Lawyers in Toronto
BD Chartered Professional Accountants caters specifically to lawyers in the Greater Toronto Area, offering a comprehensive range of accounting and taxation services tailored to their unique needs. From basic bookkeeping to preparing financial statements with various assurance levels, we have you covered. Rest assured, your records and data are in safe hands, thanks to our strict internal security measures that ensure constant protection.
As experts in serving the legal industry, BD Chartered Professional Accountants guarantees the following:
- Compliance with The Law Society of Upper Canada's rigorous requirements for accurate and penalty-free bookkeeping
- Accurate and efficient bookkeeping services at competitive rates
- Transparent pricing for all our services
- Specialized Chartered Professional Accountant catering to the specific needs of law firms
- Customized reports and expert filing of corporate and personal tax returns
We not only offer our accounting expertise but also provide value without compromising your control over certain processes in your firm. When you entrust us with accounting and taxation for your firm, you can focus on the critical areas of your law practice, providing the best legal representation and solutions to your clients.
At BD Chartered Professional Accountants, you are more than just a client or file number; we consider you a trusted friend. Our accounting and taxation solutions are tailored uniquely to your business practice. We understand the importance of compliance with regulations set forth by regulatory authorities like CRA and the Ministry of Finance, and we will ensure full compliance while you concentrate on running your law practice.
We also offer assistance in managing your trust funds, a complex area of bookkeeping that requires specialized knowledge. Our team takes pride in their expertise in trust accounts and trust funds, ensuring accuracy and efficiency in handling these matters.
Additionally, we can help improve operational efficiencies from the accounting side of things as your business grows. Our dedicated bookkeepers specialize in working with lawyers and are well-versed in specific rules and commonly used software, ensuring accurate and timely bookkeeping that maximizes your billable hours.
As experts in catering to the taxation needs of lawyers, we are capable of managing both their taxes and accounting requirements. Regardless of the type of corporation you run or own, we are committed to providing you with the best possible service.
With an in-depth understanding of the taxation rules governing the legal industry in Canada, our team is adept at assisting clients in finding applicable tax relief. Our taxation specialists can devise tax-efficient compensation plans tailored to their specific needs.
Additionally, our firm boasts a team of professionals who can facilitate the incorporation process and offer advisory services such as estate planning, year-end tax planning, and expert guidance on the most optimal approach for buying or selling a capital asset.
Here are some of the services we provide for our clients:
One-month Accounting Infrastructure Review and Process Implementation.
- Introduce the team and conduct process assessment
- Review and document detailed processes in accounting infrastructure (bookkeeping, accounts payable, accounts receivable, tax compliance)
- Assess and finalize software and 'app stack' for increased efficiencies, automation, and improved controls
- Provide logins and training to internal team members
Monthly Managed Back Office Services on an ongoing basis.
- Monthly data entry and transaction review
- Monthly bank account reconciliation
- Identification of monthly credit card expenses
- Review and management of QuickBooks Online (QBO)
- General bookkeeping support
- Generation of management reports with key financial data
- Accounts payable support and payables management
- Plooto payments set up and integration
- Monthly payments to vendors and contractors
- General accounting and bookkeeping advice
- File HST and make tax payments (including HST and Corporate Tax)
Bi-weekly payroll processing and recording
- Payroll software maintenance
- Employee onboarding and record management
- Efficient management of bi-weekly payroll cycles
- Accurate Record of Employments maintenance
Services in Senior Financial Management
- Monthly financial reporting
- Monthly performance analysis against budget
- Cash flow management assistance
- Active involvement in budgeting and forecasting
- Coordination with management for ad hoc reports and external fundraising advisory
Specialized Accounting Solutions for Lawyers in Toronto
If you're considering buying or selling a practice, BD Chartered Professional Accountants is ready to assist you with expert guidance. Our Chartered Business Valuators can provide comprehensive valuation services to ensure fair compensation. Our accounting and taxation systems are rigorously tested, ensuring that your law firm meets the required internal controls for effective operations.
With two conveniently located offices in the Greater Toronto Area, you can choose to meet with us at our downtown Toronto office or our head office in Mississauga. Our team consists of highly skilled staff educated at prestigious tax and accounting schools in Canada.
Lawyers and Law Practices
As specialized accountants catering to lawyers and law practices
We are well-equipped to handle all accounting and tax services required by the legal industry. Our expertise extends to a wide range of advisory services tailored specifically for lawyers in Toronto.
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As tax season approaches, if you find yourself uncertain about where to begin, BD is ready to assist you in maximizing your claims and retaining more money in your pocket. Reach out to us today to arrange a consultation, where we can guide you with the most suitable course of action.