Learn what an IOLTA account is, how it works, who needs one, compliance requirements including three-way reconciliation, common mistakes to avoid, and best practices for managing client trust accounts at your law firm.
Learn the essential accounting practices every medical practice needs, from revenue cycle management and accounts receivable to tax planning and profit distribution models for group practices.
Learn when to outsource accounting, how much it costs, and how to choose the right provider. Includes cost comparisons, common mistakes, and a step-by-step guide to making the transition.
Learn what overhead costs are, the three types (fixed, variable, semi-variable), how to calculate your overhead rate with formulas and examples, and eight strategies to reduce overhead and boost profitability.
Learn what petty cash is, how the imprest system works, step-by-step setup instructions, journal entries for establishing and replenishing the fund, reconciliation best practices, and internal controls to prevent fraud.
Learn what pro forma financial statements are, the three main types (income statement, balance sheet, cash flow), how to create them step by step, common mistakes to avoid, and when your business needs them for planning, fundraising, or strategic decisions.
Learn how to set up property management accounting for rental properties, track income and expenses, maximize tax deductions including depreciation and 1031 exchanges, and file your taxes correctly on Schedule E.
Learn what a purchase order is, how the PO process works step by step, the four types of purchase orders (standard, planned, blanket, and contract), the difference between POs and invoices, and best practices for managing purchase orders in your business.
Learn what retained earnings are, how to calculate them using the simple formula, real-world examples, what negative retained earnings mean, common mistakes to avoid, and how to use retained earnings strategically for business growth.
Learn what SG&A (Selling, General & Administrative) expenses are, how to calculate the SG&A ratio, industry benchmarks, tax deduction rules, and seven strategies to reduce SG&A without hurting growth.
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