Bookkeeping

Contra Accounts serve as a reduction to the balance of their corresponding accounts to find their net values. When researching companies, the financial statement is a great place to start. Home Depot also devotes footnote 4 to its share repurchase program and reports that the company is authorized by its board to repurchase $20 billion […]

The Internal Revenue Service (IRS) allows investors to deduct the annual amortization of bond premiums from their taxable income. This effectively reduces the amount of taxable interest income, leading to potential tax savings. This is because investors are willing to pay more for bonds with higher coupon rates, as they provide a greater return on […]

The International Financial Reporting Standards (IFRS) is the most widely used set of accounting principles, with adoption in 167 jurisdictions. The United States uses a separate set of accounting principles, known as generally accepted accounting principles (GAAP). Accounting principles are the rules and guidelines that companies and other bodies must follow when reporting financial data. […]

Your best bet is likely to hire both a legal bookkeeper and a legal accountant. By establishing—and following—best practices for accounting for law firms like the examples below, you’ll be better able to help your firm stay on track. While you’ve spent years honing your skills to become a great lawyer, you didn’t learn about […]