• admin
• December 21, 2020
• Bookkeeping
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Keeping accurate records of your law firm’s accounts is a challenging yet vital part of running a legal practice. When it comes to accounting for law firms, there’s no one “right” method (though you may be required to take on the accrual method). Some software platforms allow you to use accrual-based books for monthly management of the firm while also …

• admin
• July 9, 2020
• Bookkeeping
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In accrual accounting, revenues and the corresponding costs should be reported in the same accounting period according to the matching principle. The revenue recognition principle also determines that revenues and expenses must be recorded in the period when they are actually incurred. According to the IRS, a business must use an accounting method that clearly reflects its income and expenses. …