What are the Best Practices of Client Money Handling? | Accountant’s Box
Client Money Handling Many Service companies like Legal Firms, Investment Firms, Media Agencies (mainly Digital Media) receives money from their respective Clients in order to make a payment to various vendors. This is to fulfil agreed service contracts. These vendors for Legal Firms could also consist of regulatory authorities such as Court of Law, Tax Department, etc., for Investment Firms this could be for buying securities on behalf of the Clients, paying transaction related charges, etc. and for Media Companies it could related to Sourcing media presence. Client Money Handling What is Client Money ? Service Providers like Legal, Digital Media, and Investment Firms receive money from Clients for payment to vendors against service contracts. Vendors for Legal Firms could include regulatory authorities such as the Court of Law, Tax Department. In Investment Firms Client Money is mainly for buying securities for the Clients, paying transaction charges. And for Media Companies, Vendors...