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Accounting and Bookkeeping for Law Firms

You are here: Injury Lawyer Accounting > Blog > Accounting and Bookkeeping for Law Firms

Legal Liabilities of Auditor and Accountant

Auditors continue to face legal liability concerns. They are important because their work contributes to the reliability of financial statements for all kinds of users. Like other professionals, they can face civil and criminal liability in performing their duties. Independent

admin July 25, 2022July 25, 2022 Accounting and Bookkeeping for Law Firms No Comments Read more

What’s in Your Law Firm’s Profit & Loss Statement

For a law practice to thrive and make practical, informed business decisions, it must have the financial stability to keep it afloat. That starts with strong financial statements. The profit and loss statement (P&L) is one of your business’s most

admin July 13, 2022July 25, 2022 Accounting and Bookkeeping for Law Firms No Comments Read more

Why Are Legal and Accounting Services Necessary

Accountants have an important role in law firms. They can help you ensure that your business is running as efficiently as possible to focus on what’s important: your clients. Accounting systems for law firms. In many ways, accounting is a

admin July 9, 2022July 13, 2022 Accounting and Bookkeeping for Law Firms No Comments Read more

Legal Accounting FAQs: Do Lawyers Need Accountants?

The scope of accounting services that accounting professionals can perform for you is wide-ranging. In addition to tax preparation, bookkeeping, and payroll services, some firms offer additional services such as marketing and legal consulting. The size of your firm will

admin July 1, 2022July 13, 2022 Accounting and Bookkeeping for Law Firms No Comments Read more

Is QuickBooks bookkeeping or accounting?

Is QuickBooks bookkeeping or accounting

If you’re trying to decide whether QuickBooks is a bookkeeping or accounting software, the truth is that QuickBooks does both. What Is the Difference Between Bookkeeping and Accounting? The difference between accounting and bookkeeping is that accounting involves the preparation

admin June 24, 2022June 24, 2022 Accounting and Bookkeeping for Law Firms Read more

Accounting for insurance loss reserves

Accounting for insurance

Understanding the accounting for insurance loss reserves is essential for insurance professionals to understand the company’s financial statements and financial health. In this blog post, you have a basic overview of how insurance companies estimate their loss reserves based on

admin June 15, 2022June 15, 2022 Accounting and Bookkeeping for Law Firms No Comments Read more

Accounting for Insurance Proceeds

When a business suffers a loss covered by an insurance policy, it recognizes a gain in the amount of the insurance proceeds received. The most reasonable approach to recording these proceeds is to wait until the company has received them.

admin June 11, 2022July 25, 2022 Accounting and Bookkeeping for Law Firms No Comments Read more

Reasons Why Your Law Firm Needs Legal Accounting Software

Legal accounting software enables you to manage all your practice finances with ease and also helps to automate various financial transactions. It is a powerful accounting tool for attorneys with several benefits. Here are some of the reasons why attorneys

admin May 29, 2022June 15, 2022 Accounting and Bookkeeping for Law Firms No Comments Read more

Legal Liabilities of an Accountant

The accountant is legally liable if they miss key information in examining the company. This could result in charges from either investors or creditors who rely on that work, as well as financial losses due to an incorrect representation about

admin May 24, 2022May 24, 2022 Accounting and Bookkeeping for Law Firms No Comments Read more

How to record settlement payment in QuickBooks

How to record settlement payment in QuickBooks

When two parties agree, all accounts must be settled. An account settlement can mean either paying off your balance or completing a process of settling debts between you and another person/company in which there’s still some amount owed by one

admin May 14, 2022May 24, 2022 Accounting and Bookkeeping for Law Firms No Comments Read more
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Recent Articles

  • Legal Liabilities of Auditor and Accountant

    Legal Liabilities of Auditor and Accountant

    July 25, 2022
    Auditors continue to face legal liability concerns. They are important because their work contributes to …Read more
  • What’s in Your Law Firm’s Profit & Loss Statement

    What’s in Your Law Firm’s Profit & Loss Statement

    July 13, 2022
    For a law practice to thrive and make practical, informed business decisions, it must have …Read more
  • Why Are Legal and Accounting Services Necessary

    Why Are Legal and Accounting Services Necessary

    July 9, 2022
    Accountants have an important role in law firms. They can help you ensure that your …Read more

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