Having an activity statement that shows your starting balance, deposits in, payments out, and the ending balance is the Client Trust Ledger. Understanding this information will also help you identify areas of your practice that are the least successful and the most successful. If you know where you are most successful and least successful, you … Continue reading “What is Legal Accounting Software For Lawyers”
This sum is typically displayed at the bottom of the corresponding side of the account. A T-Account is a visual presentation of the journal entries recorded in a general ledger account. This T format graphically depicts the debits on the left side of the T and the credits on the right side. This system allows … Continue reading “Accounting Basics: T Accounts”
This is where the value of bookkeeping comes in, and every lawyer needs to understand the role of bookkeeping in their business. Have you ever tried to balance your checkbook, only to find you’re a quarter off somewhere? That’s why it’s important to take your time, double-checking your entries as you go. With cash basis … Continue reading “Bookkeeping for attorneys”
This issue can even lead to a serious dispute if not handled correctly. Soft costs are considered income for accounting purposes, yet they may be offset by equipment and maintenance expenses. Subscription law firm pricing is when you provide clients with legal services on an as-needed basis for a set monthly subscription fee. This leads … Continue reading “The Starting Salary for Accounting Firm Lawyers”
Collaborating with a QuickBooks ProAdvisor can be a valuable experience that optimizes your accounting and financial management processes for efficiency and accuracy. QuickBooks ProAdvisors are certified in QuickBooks, and they have extensive knowledge of the software’s features and capabilities. The inventory management and job costing features are more robust in QuickBooks compared to QuickBooks Online. … Continue reading “QuickBooks for Small Business: Which Version Do You Need?”
The employer’s share of Social Security taxes is recorded as an expense and as an additional current liability until the amounts are remitted. Grouping these expenses together on a balance sheet also provides management with an accurate idea of what percentage of the enterprise’s expenses are employment-related, and how that affects profitability. Electronically disburse bonuses, … Continue reading “What is payroll expense: Payroll Taxes, Costs, and Benefits Paid By Employers”
Zoho Expense is equipped with features specifically for the manufacturing industry. For instance, if your employee incurs separate expenses in the various stages of your manufacturing process, you can set up policy management for limits and reimbursement claims. Distribution accounting software will help your company streamline the quote-to-cash process and provide visibility into your order … Continue reading “Wholesale accounting: Accounting for Distribution Companies & Wholesale Distributor”
To ensure compliance with FSLA’s overtime regulations, the company should conduct an audit at least once yearly. Violating the rules could cost the company more than overtime payments. The policies should involve notifying employees in writing about the employer’s general salary and overtime pay obligations. Overtime also often refers to overtime pay, the compensation an … Continue reading “What is overtime: What is overtime”
The rate you get is generally determined based on your industry, transaction history, and stability of your business. In addition to conventional factoring arrangements, there are so-called “spot factoring” arrangements (which we will discuss more in the comparison section of this guide). In short, these are transactions where a factoring company buys a single invoice … Continue reading “What is invoice factoring: What is Invoice Factoring?”
For example, a retailer must pay rent and utility bills irrespective of sales. For any factory, the fix cost should be all the money paid on capitals and land. Such fixed costs as buying machines and land cannot be not changed no matter how much they produce or even not produce. Raw materials are one … Continue reading “What is fixed cost: Examples of fixed costs”
