Economic Profit vs Accounting Profit: Uses & Differences

A consistently positive accounting profit demonstrates the economic health and success of the company. If total revenues don’t exceed total expenses for a period, the company does not report negative profits. Instead, the company would show a net loss on the bottom line of its income statement indicating that revenues were insufficient to cover expenses for the […]

Remote CFO Services for Law Firms: The Complete Guide

For example, you can’t use money from trust fund accounts to pay off utility bills if you haven’t earned that money. Trust funds belong to the client unless they are earned or needed for client-related fees. Anything leftover after services are complete will go back to the client. Law firm bookkeeping – whether you call […]