THE WINSOR LAW GROUP

By Crystal Hale & Ciara Hofferth

BANKRUPTCY, SHORT SALE, FORECLOSURE, ESTATE PLANNING, PROBATE LAW, REAL ESTATE, BUSINESS LAW, LITIGATION

A Sole Proprietorship

Company Overview
Located in Downtown Mesa, Phoenix Seven employees Operating for eight years
Shelly Winsor The Accounting Director

Mark A. Winsor The Owner

ACCOUNTING FUNCTION/PROCESS
PCLaw is the software used No class/training was taken Revenue is tracked & recorded Offer payment plans (accounts receivable)

**As a law firm, the business must have a Trust account, monitored by the state bar, that is paid to the lawyer as he earns the payment**

ACCOUNTING/FUNCTION PROCESS CONTINUING

Checks are written and paid automatically Employees are paid through intuit, an automated program
~ If employees are new or changing accounts then handwritten checks will be written.

Mark & Shelly sign checks, but Mark is the only one legally allowed to sign Trust checks Shelly & an assistant do the bank deposits

FINANCIAL REPORTS
Shelly does income statements & the balance sheet Reports are generated monthly Mark & Shelly review the data Hire a private accountant annually Pay taxes quarterly
Income Statement, Statement of Owners Equity, and Statement of Cash Flows were required by the building owner and bank when they opened their law offices.

INTERNAL CONTROLS
Mark & Shelly are in charge of the internal controls Petty Cash is established Shelly manages the petty cash funds and bank reconciliations, but has an assistant record transactions. Shelly will verify the records (through receipts and bank statements). She also does bank reconciliations monthly One person handles the money & another maintains records of the transactions

Firm does everything mostly digital, but does keep a hardcopy of receipts and bank statements.

MISC. INFORMATION Due to the economy, the business has been downsized. Shelly originally reconciled eight bank accounts, but it has decreased to four. Price their services according to competitors rates The law office in Phoenix handles more cash, hence they write out more receipts Mark has a radio station where he offers real estate advice