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
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
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.
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
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
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
One of the main roles of forensic accountants is to assess the economic loss suffered by individuals and organizations as a result of accidents and incidents. This typically involves calculating how much money has been lost due to factors such
Lawyers often neglect their finances, but it can have serious consequences. If you want to get off on the right foot as a new lawyer and understand your firm’s numbers in full detail- from billable hours per client down to
Law firms need to comply with various laws and codes of conduct. The accountant’s role is key for this, as they can provide services such as budgeting or bookkeeping which help keep track of financial statements that ensure solvency during
The process of receiving your settlement funds isn’t without its challenges. There are going to come to some pretty big decisions, which could impact how much money is left over after everything else has been paid off. This is including