5 Profitability Strategies for Small Law Firms As a whole, law firms started 2023 with struggling financials, but by the end of the year, profits rose as demand rose 2% year over year. Certain sectors of the industry rose more than others, such as the demand for bankruptcy lawyers rising more than 6%. Two main […]
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Guide to Ethics: Trust Accounting for Lawyers Trust accounting is crucial for lawyers and their firms because it keeps funds separate. The American Bar Association also has the Model Rules for Lawyers’ Fund for Client Protection, which, while not perfect, attempts to create a higher standard of ethics for lawyers. We’re going to dive into
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I often am asked, “What exactly does it look like to be a cloud accounting department?” So in this blog, let’s talk about it. What exactly does it look like to be a cloud-accounting department? Your accounting department uses web-based software, a.k.a. you utilize cloud accounting software The first sign that you’re a cloud accounting
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Spring Cleaning Your Finances The rain and flowers cue us that spring has arrived, and a sense of renewal and refresh comes with it. It’s the perfect time to open the windows, clear out the clutter, and breathe new life into your surroundings. But while you’re decluttering the garage yet again, don’t forget about another
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Revenue Recognition for SaaS: Challenges and Best Practices The U.S. has 9,100 SaaS companies, and this number is likely to continue rising. Software-as-a-service is a hot commodity because it eliminates the need for hosting and scaling for consumers or businesses, and the subscription model is very popular. But there’s a problem for new entities: revenue
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Why Cloud Accounting Software Nowadays, the accounting software programs and processes that many of us use in accounting departments are accessed by logging into a web browser and using cloud-based software apps that integrate with each other via the internet. We call this Cloud Accounting. Cloud Accounting Software Cloud-based programs and processes have changed the
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101 Guide to Accounting for IT Companies Information Technology (IT) is one of the fastest-growing industries in the United States, with more than 585,000 tech companies operating in the country. While these companies are known for their rapid growth, they also face a number of challenges when it comes to accounting. Understanding these challenges, following
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The End of an Era: Saying Goodbye to Mint App and Exploring Replacement Options In recent news, many users were saddened to hear that their beloved Mint app will be discontinued. Mint has been a staple in personal finance management for years, offering users a convenient way to track their spending, manage budgets, and stay
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Getting Started: Accounting for Law Firms If you’re opening your own law firm, one of the first things you’ll need to focus on – apart from your services – is how you’ll manage your finances. Practicing law is your passion, but at the end of the day, your firm is still a business. Managing your
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A Guide to the DOL’s 2024 Independent Contractor Rule Do you hire independent contractors? If so, the Department of Labor has released what they call the “final” independent contractor rule. Misclassification remains one of the accounting mistakes that we recommend you avoid because, with these professionals making up 45% of the workforce, it’s very easy
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