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
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
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
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
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
Accounting for insurance loss reserves
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
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.
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
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
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