Bookkeeping and Accounting for Lawyers
Managing the financial side of your law practice can be overwhelming, but it doesn’t have to be. At Orbit Accountants, we specialize in bookkeeping services for lawyers, ensuring your income, expenses, and taxes are in perfect order. With our expertise in accurate GST/HST tracking, real-time financial insights, and streamlined tax preparation, we help simplify financial management so you can focus on what matters most, your clients.
Whether you’re running a solo practice or managing multiple locations, our team provides personalized solutions to keep your finances organized and stress-free. From tracking expenses to year-end tax filing, we ensure compliance and clarity every step of the way, so you can confidently grow your practice.
What Makes Orbit the Best Accountant for lawyers?
Running a successful law practice takes skill, dedication, and time, and managing finances shouldn’t take away from your focus on patient care. At Orbit Accountants, we provide expert bookkeeping for lawyers. From tracking income and expenses to ensuring tax compliance, we handle the numbers so you can concentrate on growing your practice.
We Get You Started
Our team dives deep into understanding your business, answers all your questions, links your accounts, and guides you in using Orbit Accountants efficiently.
We Manage Your Bookkeeping
Your dedicated bookkeeper categorizes transactions and prepares financial statements monthly, ensuring you’re always informed and compliant.
We Provide Tax-Ready Financials
With expertise in local tax regulations, we tailor our services to meet your business needs, providing you with ready-to-file financials
Here’s Why lawyers Like You Trust Orbit Accountants With Their Bookkeeping and Accounting
Get Fast, Unlimited Support from Our Expert Advisors
Staying on top of your finances has never been easier. We provide regular bookkeeping updates, so you’re always in the loop. Need immediate support? Our expert advisors are just a message away, guaranteeing a response within one business day or sooner. With unlimited assistance, you can focus on what matters most.
See Where You’re Spending. Make Smart Decisions
Managing your finances as a lawyer shouldn’t be a burden. Let us handle your bookkeeping while you focus on your patients and growing your practice. From tax management to expense tracking, our services provide clear financial insights, helping you stay organized, make informed decisions, and build a successful law practice with confidence.
Simplified Tax Season
Take the stress out of tax season with Orbit’s all-inclusive year-end package. Upgrade to our Premium service for expert tax preparation, hassle-free filing, and year-round support. With us handling the details, you can stay compliant, maximize savings, and focus on expanding your business with confidence.
Flexible Pricing Options
We can tailor your package depending on your stage of growth
Key Benefits of Legal Bookkeeping
✔ Client Trust Account Compliance – Proper tracking of client funds ensures compliance with legal and ethical standards. Law firms must keep client money separate from operating funds and ensure timely reconciliations.
✔ Accurate Financial Reports – Well-maintained financial statements help firms track revenue, expenses, and profit margins. Detailed reporting allows lawyers to make informed financial decisions and plan for future growth.
✔ Tax-Ready Books – Law firms must stay compliant with corporate tax, payroll tax, and HST/GST requirements. Accurate books make tax preparation simple and prevent last-minute stress during filing season.
✔ Better Cash Flow Management – Keeping clear records of client invoices, settlements, and law firm expenses helps maintain steady cash flow and avoid financial surprises.
Best Practices for Bookkeeping Services for Lawyers
Maintain Accurate Trust Reconciliations
Client trust accounts require precise tracking to comply with legal and accounting regulations. Failing to separate client funds from business funds can result in compliance violations and disciplinary actions.
âś” Regular reconciliations ensure all client trust funds match accounting records.
âś” Accurate tracking of deposits, withdrawals, and disbursements prevents errors.
✔ Timely reporting keeps law firms in compliance with the Law Society’s regulations.
Use Cloud-Based Legal Accounting Software
Cloud-based legal accounting software reduces errors and streamlines bookkeeping. It provides real-time insights into financial transactions and simplifies tax preparation.
âś” Automate expense tracking and client invoicing to reduce manual errors.
âś” Generate instant financial reports to monitor firm performance.
âś” Secure cloud storage ensures all financial data is backed up and accessible anytime.
Monitor Bank Accounts & Financial Transactions
Law firms must track every incoming and outgoing payment, ensuring that all transactions are properly categorized. Proper monitoring prevents unauthorized transactions, late payments, and reconciliation errors.
âś” Keep detailed records of all law firm revenue, expenses, and client payments.
âś” Track business and trust bank accounts separately for compliance.
âś” Reconcile financial transactions monthly to avoid discrepancies.
Ensure Compliance with Tax Returns & Regulatory Obligations
Law firms must stay on top of income tax, payroll tax, and trust account reporting. Non-compliance can lead to audits, penalties, and reputational risks.
âś” Accurate record-keeping simplifies tax return preparation and reporting.
âś” Identify tax deductions and legal business write-offs to lower tax liability.
âś” Partner with professional bookkeepers who understand law firm accounting regulations.
How Orbit’s Legal Bookkeeping Experts Help Your Law Firm
Law firms need specialized bookkeeping services that go beyond standard accounting. At Orbit Accountants, we offer custom bookkeeping for lawyers, ensuring compliance, accuracy, and financial clarity.
Industry-Specific Expertise
âś” Decades of experience in law firm bookkeeping and compliance.
âś” Expertise in trust reconciliations, lawyer trust accounts, and interest on lawyer trust accounts (IOLTA).
âś” Full compliance with Law Society accounting rules and LSO bookkeeping guidelines.
Comprehensive Financial Reporting
âś” Custom financial reports to monitor profitability and cash flow.
âś” Real-time data access to manage client payments, expenses, and invoices.
✔ Balance sheets, income statements, and tax-ready books prepared for easy filing.
Scalable Bookkeeping Solutions
âś” Whether you’re a solo practitioner or managing a large law firm, we customize bookkeeping solutions for your needs.
âś” Flexible service plans that scale withgrowing legal practices.
✔ Secure cloud-based accounting for remote access and real-time financial tracking.
Dedicated Support & Compliance Guidance
âś” We handle client trust reconciliations, tax filings, and regulatory reporting.
âś” Proactive compliance support to ensure your firm meets all bookkeeping obligations.
✔ Responsive support from expert legal bookkeepers who understand law firm finances.
