Legal Industry Archives - The Accounting Hub

Category: Legal Industry

Understanding when income from professional services is derived: a guide for professionals

Posted by Andrew Millington
on September 11, 2024

In the world of professional services, understanding when income is recognised, or “derived,” for tax purposes is important. We are occasionally asked by professionals if it is possible to account for their income on a “cash basis”, as this generally [read more...]

Flying solo: starting out as a legal professional

Posted by Andrew Millington
on August 22, 2024

Starting your own business as a lawyer or legal professional can feel like a leap into the unknown, especially during times of low business confidence and challenging economic conditions. However, these times can also be a catalyst for pursuing new [read more...]

Setting your chargeout rate as a professional services provider

Posted by Andrew Millington
on November 15, 2023

If you operate as a self-employed lawyer, IT specialist, architect, manage a firm or agency, or provide professional services in any capacity, your time is your most valuable asset. As such, it’s crucial to ensure that you’re charging appropriately for [read more...]

Accounting best practices when starting out as a professional services contractor

Posted by Helen Willis
on August 9, 2023

Starting out as a professional services contractor is an exciting time. Whether you are in IT, medicine, engineering, law or something more creative, contracting provides a unique set of opportunities and challenges. And whether your goal is to just have [read more...]

Benefits of time tracking and project management software for professional services businesses

Posted by The Accounting Hub
on July 14, 2023

As a small business owner it’s easy to get caught up in the day to day running of your business and have little time for the bigger picture. After all, time is money and every minute counts. This is particularly [read more...]

Chargeout rates: signs you’re undercharging for your work

Posted by Andrew Millington
on March 7, 2021

When it comes to the overall success of your business, one of the most important decisions you’ll face is how to price for the work you do, ie, your chargeout rate. Charge too much and you could scare away potential [read more...]

How specialist accounting systems and tools help professional business owners

Posted by Andrew Millington
on July 24, 2020

As a lawyer, doctor, surveyor, IT specialist or other professional business owner, the task of accounting for your specific industry can take you out of your comfort zone. Not only do you require basic accounting services, but you need expertise [read more...]