Cash vs. Accrual
In this episode, hosts Lynda Artesani and Sarah Prevost return from the Karbon Next conference with fresh insights and a renewed appreciation for the power of connection. They share their biggest takeaways from attending a smaller, more focused conference—highlighting the real magic that happens in hallway conversations, one-on-one chats, and late-night brainstorming with fellow pros.
The episode then shifts gears into a candid and educational discussion on cash vs. accrual accounting—what the differences are, when each method applies, and why law firm bookkeepers need to get this right. Lynda and Sarah draw a clever (and helpful!) comparison between personalized client service in hospitality and the experience clients should receive in the accounting world.
Key Takeaways:
Why smaller conferences can lead to bigger breakthroughs
The role of AI in reshaping modern accounting practices
How to validate a law firm’s accounting method with its tax return
When cash vs. accrual matters—and how to explain it to clients
The art of delivering boutique-level service, no matter your firm size
Whether you're new to legal bookkeeping or a seasoned pro, this episode will leave you inspired to sharpen your skills and treat every client like a VIP.
00:15 Recap of Karbon Next Conference
00:47 Insights from Conference Attendees
01:21 Software and Technology Discussions
06:00 Customer Service Excellence at Four Seasons
10:40 Exploring AI in Business
13:17 Cash vs. Accrual Accounting
15:14 Understanding Revenue Recognition
15:23 Cash Basis Accounting Explained
16:06 Accrual Method in Larger Firms
16:37 Importance of Accurate Recording
17:03 Handling Accounts Receivable and Payable
18:06 Client Education on Accounting Methods
18:46 Common Issues in Cash Basis Accounting
19:25 Planning and Method Selection
20:16 QuickBooks Settings and Reporting
20:57 Addressing Client Concerns and Misunderstandings
23:08 Initiating Conversations with Clients
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Accountants Law Pod is hosted by Lynda Artesani, Sarah Prevost, and Steve Libhart and directed/produced by Teaira Burge and The Proper Trust. Music by ComaStudio from Pixabay - Edited by audiovideo_uk
Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered as legal, financial, or professional advice.