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As a business owner, it’s important to differentiate the meaning of a trial balance and balance sheet so you can use them for the right...

Under an untrained eye, bookkeeping and accounting may appear to be the same profession. It’s a common misconception regarding the two...

During our lifetime, you always want to give the best things to your beloved ones. And while sending valuable gifts to your spouse,...

The IRS released the new tax brackets and standard deduction amounts for the 2022 tax year. All Americans are facing a long list of new...

When your company purchases goods on credit that need to be paid back in a short time, it is known as accounts payable. As a business...

While you’ve spent years honing your skills to become a great lawyer, you didn’t understand deeply about law firm bookkeeping or...

Attorneys routinely receive and handle money that belongs to clients for future use such as security settlement payments, fees advanced...

A three-way trust reconciliation involves three components that must match. If the three numbers don't match, you have to investigate to kno

Many people often consider ‘income’ as a synonym of ‘revenue’ since both terms refer to positive cash flow. Understanding the difference...

Managing a law firm is totally challenging for every single lawyer. When it comes to the financial aspects of a business, it doubles the...

A simple explanation about IOLTA, how it works, 3 most common mistakes and how to avoid them.

Sometimes it is easy to understand the terms or technical words in the field you work in, sometimes it is not. Even when you understand...