4 Reasons Why Law Firms Need Accounting Services

Lawyers are some of the busiest professionals. Many lawyers find it difficult to find the time in their day to both practice law fulltime and be manage and maintain their bookkeeping. It is no wonder so many law firms outsource their accounting to accounting firms in Santa Rosa. Outsourcing your book-keeping is a great way to save time and headache for your firm. An accounting firm can ensure your financial reporting is accurate and in line with the current laws and regulations. When you outsource your accounting to an expert, you have peace of mind that comes with knowing that [...]

What is a Contra Revenue Account and Why is it Important to Your Small Business?

Small businesses record refunds, returns, discounts offered against defective goods, and products or service discounts in a contra revenue account. Contra means opposite or against. A contra revenue account is used to reduce the value of a related account. Your contra revenue account tells you the difference between your gross revenue and net revenue and the reason for the difference. Some Examples of Contra Revenue Accounts Contra accounts always appear linked to other accounts. For example, your Accounts Receivable may have a contra account titled Allowance for Doubtful Accounts. The natural balance of a contra account is the opposite of [...]