Lawyers carry a fiduciary duty for client funds. HJ Wu & Company Inc. (CPA) supports BC law firms with everyday bookkeeping, financial statements and trust reporting that meet Law Society of BC rules.
- Daily bookkeeping and financial statements
- Trust accounting, reconciliation and Trust Accountant's Reports
- Tax filings for the firm and its owners
- Works with the software your firm already uses, including CosmoLex
Law Firm Accounting
Law firms require specialized financial management, and at HJ Wu & Company Inc., we understand the unique challenges. We specialize in providing a suite of accounting and taxation services tailored to the specific needs of lawyers. From fundamental bookkeeping to the preparation of financial statements with varying levels of assurance, our capabilities align with the diverse requirements of our clients. When engaging our services, rest assured that we ensure the security and integrity of client records.
Our law firm services are tailored to ensure accuracy and compliance with industry-specific regulations using the software you use. Trust us to handle your financial records, allowing you to focus on your legal practice.
Trust Accountant's Report
Lawyers have a fiduciary responsibility to their clients, which encompasses funds entrusted to them, including retainers and various financial assets. In the administration of client funds, lawyers are obligated to follow specific accounting practices and principles to ensure responsible and effective handling. We have experience in trust accounting for legal professionals in BC, offering assistance to law firms in enhancing the management of their clients' funds.
Ensuring adherence to the BC Law Society's regulations and maintaining positive relations with your clients are facilitated through trust reporting, reconciliation, and preparation. Trust us to deliver meticulous trust accountant's reports. Our commitment to compliance and transparency guarantees the safeguarding of your financial integrity.
Talk to HJ Wu & Company Inc.
Phone: 604-636-1862
Email: inquiry@hjwucpa.com
512 - 938 Howe Street, Vancouver
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Frequently Asked Questions
Quick answers about HJ Wu & Company Inc. and how the firm can help. See all FAQs
HJ Wu & Company Inc. offers law firm accounting that covers everyday bookkeeping, financial statements, tax filings and trust account work, using the software your firm already runs. The team understands the fiduciary side of legal practice and keeps client records secure. If you want an accountant who already knows how law firms work, contact HJ Wu & Company Inc.
A Trust Accountant's Report is a review of how a law firm handles client money held in trust, such as retainers, to confirm it follows Law Society of BC accounting rules. HJ Wu & Company Inc. has experience with trust accounting for BC legal professionals, including trust reporting and reconciliation. Not sure where your firm stands? Reach out and HJ Wu & Company Inc. can walk you through it.
Yes, and there's no need to switch systems. HJ Wu & Company Inc. is comfortable with QuickBooks and Xero, larger ERP systems like Adagio, industry-specific tools like CosmoLex, and even custom software. The firm adapts to your setup so nothing gets disrupted. Contact HJ Wu & Company Inc. and mention what you're running.
A compilation means an accountant organizes your numbers into proper financial statements without giving any assurance on them. A review adds limited assurance, which gives lenders, investors or regulators more comfort. Which one you need usually depends on who is asking for the statements. HJ Wu & Company Inc. provides both, so contact the firm if you're not sure which fits.
It starts with an initial consultation, then a needs assessment, and then HJ Wu & Company Inc. builds a plan around your goals. Cost depends on what you need, whether that's a one-time tax return or ongoing bookkeeping and payroll, so the firm quotes after learning about your situation. Call 604-636-1862 or email inquiry@hjwucpa.com to book your consultation.