Accounting

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 […]

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

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

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

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

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

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

How Professional Accounting Software Setup Can Safeguard Your Business An estimated 98% of businesses are small businesses. With lower revenue and tighter budgets, many small business owners take on the task of handling their own bookkeeping. But here’s the challenge: handling bookkeeping the old-fashioned way is time-consuming and error-prone. Accounting software can help you manage

Reconciliation in Accounting and Its Role in Business Management Reconciliation in accounting is a crucial business task that verifies your financials. The Association of Certified Fraud Examiners Financial reports that 9% of all reported fraud cases involve financial statements. If you’re not reconciling your accounts properly – or at all – your business is at

2024 January Accounting Checklist for SMBs The start of a new year is an exciting period for SMBs. It’s a time for planning, setting goals, and gearing up for the year ahead. But it’s also important for accounting and reviewing your financial position. We’re going to cover some of the basic items your list should