Proccounting Inc

An important decision every lawyer faces in setting up their practice is how to ensure their books and records are maintained in accordance with the requirements of the Law Society.

According to the requirements of the Law Society, you must keep the following records for at least ten full fiscal years:

Generally, accountants or bookkeepers need the following documents to accurately maintain books for law firm.

Record management and bookkeeping are crucial to business success. It is highly recommended this task be handled by a professional bookkeeper, but it is beneficial for a small business owner to have some basic knowledge. This document provides small business owners an overview of the responsibilities of a bookkeeper.

In a double-entry system, for every debit entry there must be a credit entry and vice-versa. This leads us to the basic accounting equation:

Assets = Liabilities + Owners' Equity

The above equation shows how assets are financed: either by borrowing money from someone (liabilities) or by paying your own money (owner’s equity).

“I haven’t collected payments from my customers. Why should I pay the sales tax now? It is unfair!” Business owners are often confused because they don’t understand the sales tax rules are based on accrual accounting.

There are two main types of inventory accounting systems: the perpetual system and the periodic system.

Under the perpetual inventory system, the business maintains a running record of inventory and cost of goods sold. This system achieves control over expensive goods such as jewelry, furniture and automobile.

There are three common types of business organizations: proprietorship, partnerships, and corporations. In some cases, the accounting procedures of a business depend on which organization form the business takes.

Debits and credits are the backbone of double-entry accounting system. In double-entry accounting, a company’s assets are equal to its liabilities plus owner’s equity.