Introduction Businesses must choose between cash basis accounting and accrual accounting for financial reporting. The IRS allows small businesses with annual revenue under $27 million (as of 2025) to...
Introduction Year-end financial statements provide a summary of a company’s financial position and performance for the fiscal year. These reports are essential for tax filing, business valuation, investor reporting,...
Introduction Financial statements provide a snapshot of a company’s financial health, helping business owners, investors, and stakeholders make informed decisions. These reports summarize revenues, expenses, assets, liabilities, and cash...