Having accurate, complete and timely accounting and bookkeeping records not only ensures compliance with the minimum standards required by the Law Society, it enables you to meet meet your statutory obligations such as reporting to the Canada Revenue Agency for income tax and HST, to the Lawyers Professional Indemnity provider for transaction levies, and assists in the timely submission of your annual report to the Law Society.
Lawyers are mandated to segregate funds that they receive and pay related to their practice matters.
At wefinx, we help you sort your financial transactions related to receipts and disbursements of cash accounts, general accounts, dedicated or mixed trust account ledgers, estate or power of attorney accounts etc. We work with you to establish a solid foundation to accurately allocate your transactions and provide meaningful data-driven insights to help establish compliance and to grow your practice.
An internal control framework is all about what can possibly go wrong and what can we put in place to prevent them from materializing, whether financial or otherwise.
At wefinx, we help you identify your financial reporting risks, work by your side to design, develop and implement internal controls around financial reporting to ensure you stop worrying about what can possibly go wring and focus on growing your practice.
One of the key data points you rely on to manage client and/or file performance is chargeability which measures recoverability of service hours.
At wefinx, our team helps to ensure you have the right tool-sets such as time-tracking and costing to ensure your financials are up to date - we review your data to provide meaningful insights to help grow your business.
Managing working capital does not need to be complicated, our team at wefinx analyzes your sales invoices, receivables and cash position to escalate red flags and meet with you regularly to discuss ways to improve your cash position whether it be through re-negotiating contractual terms, coming up with an insightful staff management schedules or should the need arise, even negotiating a round of fresh financing from third party lenders to bridge temporary cash gaps.
At wefinx you get access to a team that understands how critical it is for you to ensure accurate, complete and reliable financial reports for your Law Society submissions as well as for you to make robust data driven decisions to grow your practice.
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