Trust Accounting
Veritas is highly familiar with trust accounting for lawyers in Canada and can help law firms better manage their clients’ funds.
The first step to attorney trust account management is determining whether a trust account is necessary in the first place. If an attorney receives funds to hold for their clients, or for legal services that have not yet been billed then a trust account is necessary. There are a number of regulations and professional standards with which an attorney must comply when holding those funds, and proper bookkeeping can ensure that the attorney does not inadvertently fail to comply with those regulations.
An attorney must not mingle personal funds with client funds in the trust account. Trust account funds must be limited only to client funds, not money provided for services that have already been billed or for other funds belonging to the attorney. Proper bookkeeping helps ensure that funds have been billed already and are removed from the trust account as quickly as possible, avoiding any potential issues with co-mingled funds. When doing trust accounting for law firms in Canada, Adyzer makes sure that attorneys can focus more on serving their clients and less on managing their trust accounts.
Trust Bookkeeping For Trustees
Being a trustee is a highly important and often overwhelming job. As a trustee, an individual or institution is responsible for managing funds on behalf of one or more beneficiaries. This position creates a number of fiduciary duties that can be difficult to navigate for individuals unfamiliar with the applicable regulations. In addition, for larger and more complex trusts, getting assistance from both the legal and accounting teams can be highly beneficial.
That is why Veritas provides comprehensive bookkeeping services and trust accounting for law firms in Canada. Proper bookkeeping can make the trust administration process easier and less overwhelming and can help trustees manage distributions to beneficiaries.