Introduction Financial ratios help business owners and investors evaluate financial performance, profitability, and stability. These ratios, derived from financial statements, provide insights into a company’s liquidity, efficiency, leverage, and...
Introduction An audit is a systematic examination of a company’s financial records and processes to ensure accuracy, compliance, and reliability. Businesses undergo audits to verify financial statements, detect fraud,...
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,...