Lawyers

Experts on your taxation needs

Accountant & Tax Specialist for Lawyers in Toronto

For lawyers residing in the Greater Toronto Area, Vikram Gulati Professional Corporation specializes in providing essential accounting and taxation services tailored to the legal profession. We manage everything from basic bookkeeping to preparing financial statements with various levels of assurance, according to our clients’ needs. With our services, you can be confident that your records and data are in capable and secure hands, thanks to our strict internal security measures.

Specialized Services for the Legal Industry

As accountants specializing in the legal industry, Vikram Gulati Professional Corporation ensures that:

Your books comply with The Law Society of Upper Canada’s stringent requirements, preventing any penalties that could risk your reputation.
Accurate and efficient bookkeeping is provided at an affordable rate.
Transparent pricing is maintained.
A Chartered Professional Accountant who specializes in law firms handles your finances.
Customized reports and the filing of corporate and personal tax returns are provided.

We offer our accounting expertise while ensuring you retain control over key processes of your firm. By entrusting us with your accounting and taxation needs, you can focus on providing the best legal representation and solutions to your clients.

Personalized and Secure Service

We view you not just as a client or file number but as a trusted partner. Our solutions are customized to fit the unique needs of your law practice. We understand the importance of compliance with regulations set by authorities like the CRA and the Ministry of Finance and will ensure all these regulations are met while you focus on running your practice.

Trust Accounting and Operational Efficiency

We also help you manage your trust funds, an area that can be complex for those not specialized in trust accounting. Our expertise in trust accounts and trust funds ensures that this aspect of your bookkeeping is handled with precision.

As your practice grows, accounting tasks can encroach on your billable hours. Our dedicated bookkeepers specialize in working with lawyers and are well-versed in the specific rules and commonly used software, ensuring that your bookkeeping records are accurate and timely.

Tailored Taxation Solutions

We cater to the taxation needs of lawyers, managing their taxes and accounting requirements regardless of the type of corporation they run or own. Vikram Gulati Professional Corporation provides the best possible service, ensuring your financial matters are expertly handled so you can concentrate on what matters most—your legal practice.

Expert Taxation and Advisory Services for Lawyers

Our team is well-versed in the taxation rules that apply to the legal industry in Canada, helping clients find tax relief where possible. Our taxation specialists can devise tax-efficient compensation plans tailored to your needs.

In addition to our tax services, our professionals can assist you with incorporating your practice and provide other advisory services, such as estate planning, year-end tax planning, and guidance on buying or selling capital assets.

Comprehensive Services for Legal Professionals

1. Accounting Infrastructure Review and Process Implementation (1 month)

Team Introduction and Process Assessment: Introduce the team and evaluate current processes.
Detailed Process Review: Document detailed processes within the accounting infrastructure, including bookkeeping, accounts payable, accounts receivable, and tax compliance.
Software and App Stack Assessment: Assess and finalize software and app stack to enhance accounting efficiencies, provide automation where applicable, and improve controls.
Training: Provide logins and training to internal team members.

2. Ongoing Monthly Managed Back Office Services

Monthly Data Entry and Transaction Review
Bank Account Reconciliation
Credit Card Expense Identification
QuickBooks Online (QBO) Review
General Bookkeeping Support
Management Reports Including Key Financial Data
Accounts Payable Support and Management
Plooto Payments Setup and Integration: Pay vendors and contractors monthly.
General Accounting and Bookkeeping Advice
HST Filing and Tax Payments: Including HST and Corporate Tax.
Bi-Weekly Payroll Processing and Recording
Payroll Software Maintenance
New Employee Onboarding
Managing Bi-Weekly Payroll Cycles
Records of Employment

3. Senior Financial Management Services

Monthly Financial Reporting
Performance Against Budget Reports
Cash Flow Management
Budgeting and Forecasting Participation
Ad Hoc Reports and Advisory for External Fundraising Requests

At Vikram Gulati Professional Corporation, we provide comprehensive accounting, tax, and advisory services to ensure your legal practice operates efficiently and complies with all relevant regulations. Trust our team to manage your financial matters so you can focus on providing exceptional legal services to your clients.

Accounting Services for Lawyers in Toronto

Vikram Gulati Professional Corporation is just a call away from assisting you with buying or selling a legal practice. Our Chartered Business Valuators offer a complete range of valuation services to ensure you receive fair compensation. Our accounting and taxation systems are thoroughly tested to maintain the internal controls required by law firms to manage their operations effectively.

We have two conveniently located offices in the Greater Toronto Area: our downtown Toronto office and our head office in Mississauga. Our team comprises highly skilled professionals educated at the most prestigious tax and accounting schools in Canada. We are ready to meet with you at either location to provide expert guidance and support for all your accounting and taxation needs.

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Set up a consultation with Vikram Gulati Professional Corporation to elevate your business. Let us handle the number crunching so you can concentrate on what you do best – running your business.