Accounting

REVIEWS, COMPILATIONS, AND FINANCIAL STATEMENT COMPILATIONS: WHAT IS WHAT?

Two common Accounting terms you may have heard over and over are taxes and audits. Most people are familiar with taxes – income taxes, payroll taxes, sales taxes, the list goes on and on. Every business files at least one type of tax annually, usually income taxes. How about audits? A fraction of small businesses

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DIFFERENCES BETWEEN THE BALANCE SHEET AND THE INCOME STATEMENT

The balance sheet and income statement are two of three primary financial statements every business should run and review monthly. One question I often get asked by small business owners is, “What is the difference between a balance and an income statement?” Understanding the difference between the reports is vital as they show differing information

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