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It is a valuable tool for individuals and businesses engaged in private loans, ensuring that their transactions align with legal and tax requirements. Below-market loans occur when lenders charge below the minimum interest rate, most common in cases of lending to friends and family. Generally, lenders must report interest income made on their loans to… Continue reading How to Calculate Imputed Interest in Excel

Bookkeeping focuses more on the administrative side of a business’s financial past and present, according to the Small Business Association (SBA). While on the other hand, accounting utilizes bookkeeper data and is much more subjective. SBA noted that a bookkeeper can provide basic day-to-day functions at a lower cost, but won’t possess the formal education… Continue reading Debits VS Credits: A Simple, Visual Guide Bench Accounting

However, not all financial professionals are equipped to help with your firm’s specific needs. You must track billable hours accurately to avoid underbilling clients and losing revenue. For https://canvomagazine.com/how-bookkeeping-for-law-firms-strengthens-financial-health/ example, a lawyer might forget to track time spent on a phone call with a client. Implement a robust time-tracking system and ensure all attorneys and… Continue reading Outsourced Accounting for Law Firms