Trust Accounting Guide for Law Firm Best Practices
in October 30, 2024
Conversely, cash basis accounting recognizes revenue when you’re paid (i.e., when the cash is received) and expenses when they’re paid. The tax implications of this method also allow your firm to pay tax on income once it’s received and in the bank. It involves a ton of inefficient, manual work—involving a lot of spreadsheets, paper[…]
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