Trust accounting is a fairly specialized sub-branch of accounting and can be critical to the well-being of certain types of organizations
Generally speaking, an organization in need of trust accounting will be subject to a more rigorous oversight regime than other organizations and will require far more detailed reporting and clear audit trails. We most often see the need for trust accounting in the law firms we work with, but it also occurs in real estate and a few other industries.
We have a particular familiarity with the trust reporting requirements of the Law Society of BC, which has some of the most robust trust accounting regulations in Canada. We have experience in the preparation of the yearly Accountant’s Trust Report for law firms which gives us a unique perspective into the trust accounting requirements and how to ensure that a firm’s bookkeeping and administration meet those requirements. From that experience we have developed an administrative framework which we deploy for our clients to ensure their transactional recording and reporting is entirely in compliance with all required regulations. Once we are supporting you, there is no longer any need for concern relating to your trust transactions and accounting.
For other organizations which may not have the same level of oversight or rigorous reporting requirements as law firms, there are still significant advantages to instituting robust trust accounting processes. By definition, if an organization maintains a trust account there is some level of accountability, either actual or potential, to the customers whose funds you hold in trust. When appropriate processes are in place, we can provide an audit trail and conclusive evidence of the handling of any trust funds if a situation arises where there is a dispute as to the disposition or handling of those funds. Fortunately, such situations arise infrequently, but once they do it is too late to put in place the safeguards necessary to respond to them.
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