Introduction Small businesses must follow IRS tax regulations to avoid costly mistakes that can lead to penalties, audits, and overpaying taxes. Common tax errors include misreporting income, missing deductions,...
Introduction A financial audit is an in-depth review of a company’s financial statements, transactions, and records to ensure accuracy and compliance with IRS regulations, accounting standards, and industry best...
Introduction A balance sheet is one of the three main financial statements that provide a snapshot of a company’s financial position at a given point in time. It outlines...
Introduction An income statement (also called a profit and loss statement) provides a detailed breakdown of a company’s revenue, expenses, and net profit over a specific period. Understanding how...
Introduction A cash flow statement tracks how money moves in and out of a business over a specific period. Unlike an income statement, which focuses on revenue and expenses,...