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We continue exploring how Generally Acceptable Accounting Principles (GAAP) was not meant for non-publicly traded companies like private law firms.
RJon in the Studio
RJon reviews how GAAP was created by regulators to standardize publicly traded company accounting after the 1929 stock market crashes. He argues GAAP has nothing to do with maximizing private company profits. This is only one of the many reasons why law firm owners should take a closer look at their accounting practices.
Profit Should Not Be Left To Chance
RJon says GAAP treats profit like luck and lawyers who use GAAP leave their profit to chance. Yet many lawyers still allow bookkeepers and accountants to manage their firms’ accounting using GAAP. In an impassioned plea, RJon urges lawyers to liberate themselves from an accounting system that does not put their law firm’s profits first.
Listen to Episode 29: GAAP Was Not Meant For You
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