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We want to help you achieve maximum billing efficiency and increase your overall profitability with the best law firm accounting software. 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 are some outsourced services that …

Private equity buys majority stake in US accounting firm Baker Tilly Read More »

Under ASC 842, organizations record a lease liability equal to the present value of the remaining lease payments and a right-of-use asset equal to the lease liability with certain adjustments. https://accounting-services.net/ Accruals represent an obligation for an expense incurred but not paid. In the case of a rent accrual, the company records the rent expense …

How to record accrued rent expense journal entry example Read More »

If you’re the sole proprietor of your company, the Income Tax Act requires that you follow the standard tax year. The same is true if you are a shareholder in an S corporation or your business is registered as a single-member limited liability company (LLC). If the business is a partnership, then its tax year …

Choice of Tax Year Read More »

Retained earnings can typically be found on a company’s balance sheet in the shareholders’ equity section. Retained earnings are calculated through taking the beginning-period retained earnings, adding to the net income (or loss), and subtracting dividend payouts. Due to the nature of double-entry accrual accounting, retained earnings do not represent surplus cash available to a …

What is Retained Earnings on a Balance Sheet? W Examples Read More »