What is cash-basis accounting?
You only record transactions when you physically make or receive a cash payment.
What are accounts payable?
Money you owe to others such as customers and other businesses.
How does professional accounting lower my tax liability?
Accurate accounting protects you from lose of revenue due to misplaced funds and potential reporting issues.
Why do I need to understand my income statement?
Your business income statement tells you where your business’s profits and losses during an accounting period.
My books are a mess, can you help?
A clean set of books can be created based on the quality of the information you provide. It simply costs more to fix incorrect accounting than maintaining an accurate one.
What is accrual based accounting?
You record whenever a transaction takes place, even if its an invoice. A standard accounting practice.
What are accounts receivable?
The money others owe to your business.
What can I do to increase profits ?
By understanding monthly income statement reports, you can align your business with better money management improving your bottom line.
What’s wrong with mixing personal and business funds?
Not only does it confuse your books, it also sets you up for penalties in the advent of an audit.
Does it really save me money to pay an expert to do my business accounting?
Yes! It saves you money to have your accounting done correctly monthly. The reports allow you to make informed decisions and also help with taxes.
