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Every sector has unique financial considerations that businesses operating within it must account for when doing bookkeeping. McClain noted that niche-specific bookkeepers incorporate these specialized needs into their work. If you only need a bookkeeper to reconcile your accounts periodically, consider hiring a freelancer. These independent professionals typically charge an hourly rate based on their …

How should you hire a bookkeeper for your small business? Read More »

Liabilities represent debts or monetary obligations that arise during the course of business operations, such as loans, accounts payable, mortgages, Medical Billing Process deferred revenues, or bonds payable. These obligations are settled over time through the transfer of economic benefits including money, goods, or services. Current liabilities are a company’s short-term financial obligations; they are …

Understanding Liabilities: Types, Importance, and Examples Read More »

If your revenue is above the break-even point, your business is profitable. On the other hand, in case your revenue is below that point, you’re operating at a loss. That’s because business permits and licenses have a fixed fee you need to pay regularly no matter how your business operations go. Aside from equipment maintenance, …

Fixed costs Read More »

By proactively managing fixed costs, businesses can enhance their resilience and adaptability in a fluctuating market environment. Insurance premiums also fall under the category of fixed costs. Whether it’s property insurance, liability insurance, or health insurance for employees, these premiums are usually paid on a regular basis and remain constant over the policy period. Insurance …

How To Calculate Fixed Cost With Examples Read More »

And although accrual accounting gives you a good idea of your future income and expenses, it does not provide as clear a picture of your cash flow situation as cash basis accounting. This is a more appropriate accounting method for large firms with high client turnover. As you learn more about the process, you will …

Law Firm Bookkeeping 101 Bench Accounting Read More »

But setting up your finances properly won’t just make it easier to file your taxes each year—it’ll save you time, money, stress, and potentially legal trouble. Once you develop a bookkeeping system, business owners will want to consider working with a CPA or professional tax accountant around tax time to handle tax returns. While there …

Accounting for Law Firms: A Guide Including Best Practices Read More »