3 Types of Accounting: A Guide to Financial, Managerial, and Cost Accounting
Accounting is divided into several sections, but for small business owners, there are three types that are necessary to generate financial i
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Hannah Nguyen
- Mar 23, 2022
- 4 min
8 Most Common Construction Accounting Mistakes That Cause Catastrophic
Incorrect overhead rates create problems because they do not accurately describe the current overhead of a business
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Hannah Nguyen
- Mar 18, 2022
- 8 min
Construction Billing Methods: Never Waiting on Unpaid Billing
When a small construction company does not get its payables, it is more vulnerable to damage than a large company with large cash reserves.
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Hannah Nguyen
- Jan 5, 2022
- 4 min
IRS Home Office Tax Deduction for Small Business Owners - Help you Reduce Tax Bill
Has the coronavirus led you to start a business or become your own boss this year? If you are a small-business owner and use part of your home for business, you could save big money on taxes by taking the home office tax deduction, as long as they meet the IRS’s requirements. Simply put, the home office deduction allows you to deduct a portion of the cost of running your home as a business expense, proportional to the amount of your home you use for business. You can also tak
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Kieu Nga
- Nov 17, 2021
- 2 min
Accounting for Law Firm: 5 Common Legal Accounting and Bookkeeping Mistakes
Lawyers are not accountants and they often make the same common mistakes when it comes to accounting for law firms.
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Tammy Hoang
- Nov 11, 2021
- 1 min
What Is An Overbilling In Construction?
Overbilling in construction occurs when a contractor bills for contracted labor and materials before that work is actually completed
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Kieu Nga
- Nov 2, 2021
- 2 min
2021 California Sales Tax Due Date
Sales tax is a tax paid to a governing body (state or local) on the sale of certain goods or services. The sales tax is generally administered at the state level. This paper has compiled a calendar of California Sales Tax Filing Due Date, and the sales tax rate that helps you determine the correct rate and the due date to follow. Most states charge a sales tax on select goods and services, but California has its own way. The California sales tax is a minimum of 7.25%, which i
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Miley Nguyen
- Oct 20, 2021
- 4 min
How To Increase Law Firm Revenue in 2021
Business success and sustainability are dependent on revenue. This metric is also critical to accounting and law firm bookkeeping, law firm owners who want to grow their firms and improve their profitability. An increase in revenue is obviously a good thing. Do you know how much revenue your law firm needs to scale and grow? Let's talk about the revenue of a law firm in this post. We'll go over the key factors that impact revenue in law firms as well as suggestions on how to
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Miley Nguyen
- Oct 19, 2021
- 2 min
Everything Attorney Need to Know About Trust Account
Separating client trust funds from law firm operating funds is a necessary practice. When it comes to running a small firm, this concept appears to be among the most feared by lawyers. As an attorney, you will probably hear horror stories about that one time an attorney made a mistake and lost their license. Trust accounting is simply the process of keeping records. Maintain an account for money that isn't your own so that you aren't tempted to spend it. Fees that are unearne
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Miley Nguyen
- Oct 14, 2021
- 5 min
How To Improve Your Construction Company’s Profitability
Construction companies do not only build structures, they head for building profits also, of course. Although most of them know how to control their constructive projects pretty well, not many can be that good when it comes to the aspects of structuring their profits. There are reasons for this, but the main factor would come from the operation way of the building industry. Specifically, to be competitive in the market, many business owners have a tendency to focus on bidding
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Zoe Lu
- Oct 5, 2021
- 4 min
5 Tips To Improve a Law Firm’s Finances
Managing a law firm is totally challenging for every single lawyer. When it comes to the financial aspects of a business, it doubles the burden since lawyers are not trained in finance in law schools. If you are looking for ways to make your law firm financing more profitable, these are some tips recommended to you to improve your firm’s finances. The major aspects we target in this article include Business Planning, Cash Flow, Billing Practice, Costs & Expenses, and Attorney
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Miley Nguyen
- Oct 1, 2021
- 1 min
Construction Project: 10 Sure-Fire Ways to Get Paid Faster in Construction
Construction Project: 10 Sure-Fire Ways to Get Paid Faster in Construction
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Thuy Pham
- Sep 28, 2021
- 6 min
Three Common Mistakes that Lawyer Make With IOLTA
A simple explanation about IOLTA, how it works, 3 most common mistakes and how to avoid them.
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Zoe Lu
- Sep 22, 2021
- 5 min
The Beginner’s Guide to Trust Accounting
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 what it is, trying to explain it in words that another person could understand could be a ‘mission impossible'. Attorney’s trust account and trust accounting are some of those subjects that could get people confused, unsure, or lost for words. In this article, we provide the most basics so you could get an essential understanding of these ter
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Zoe Lu
- Sep 21, 2021
- 5 min
4 Key Practices For Effective Trust Account Management
Every single lawyer knows Trust funds are very crucial to them. They are not only your clients’ most valuable assets but are also restricted in the way they should be handled. You are obliged by law to secure and protect client funds while making sure to follow the compliance requirements in good faith and transparency. Managing your trust accounts well plays important role in maintaining the consistency and transparency of your accounting records, even in case of an audit. B
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Miley Nguyen
- Sep 17, 2021
- 2 min
A Visual Guide to Understanding Three-way Reconciliation
Managing trust accounts means you should understand three-way bank reconciliations. Regardless of whether your state calls it an "IOLTA account" or an "IOLA account," attorneys are responsible for trust/escrow/IOLTA funds. Most bar associations require that the IOLTA account be reconciled three ways. Even if your process is as simple as clicking a button and reviewing the report, it is important to understand the three-way reconciliation. Three-way reconciliation is just chec
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Zoe Lu
- Sep 13, 2021
- 5 min
7 Accounting Tips to Keep Law Firms Accounting Numbers In Order
Accounting in law firms requires specific skills and care because it is distinguished from accounting in general businesses. In this limited article, we try to summarize some most common accounting tips for law firms that would help to keep your accounting numbers in order. Some of these tips may be familiar to you but they should not be neglected for they will help you to better manage your business in the long run, particularly when you look at cash flow and profitability.
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Tammy Hoang
- Sep 10, 2021
- 2 min
[INFOGRAPHIC] The Balance Sheet 101
Accounting is often considered the language of business. In order to paint a complete picture of a business's past, present, and future performance, it is important to understand and analyze key financial statements such as the balance sheet, income statement, and cash flow statement. Figure out The Four Basic Accounting Financial Statements here! The balance sheet is one of three key financial statements that inform the overall health of your business, including how much deb
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Lan Nguyen
- Sep 7, 2021
- 5 min
How To Set Up The Chart Of Accounts For Law Firm Clients
Lawyers and law firms have specific financial needs that are unique to their industry. When a lawyer decides to make the jump from being an attorney to managing their own practice, they are required to consider their legal accounting. Lawyers with accounting expertise and accountants, and law firm bookkeeping who understand all the intricacies and regulations associated with legal accounting are hard to find. Therefore, creating and maintaining the law firm's Chart of Account
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Miley Nguyen
- Aug 23, 2021
- 8 min
A Foolproof Guide to 8 Common Law Firm Bookkeeping Mistakes
Bookkeeping is essential for every law firm, even if it brings back unpleasant memories of "math classes" in school. You can make informed business decisions based on a clear picture of your firm's performance with proper law firm bookkeeping. Many lawyers make the same common diy bookkeeping mistakes when it comes to legal accounting. Mistakes that will make your accounting harder than it needs to be. However, a few small changes in how you handle your law firm bookkeeping c
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