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Cash basis records revenue when cash is received; accrual basis records it when it is earned.
The three main financial statements are the Balance Sheet, Income Statement, and Cash Flow Statement.
The accounting equation is: Assets = Liabilities + Equity.
A CPA (Certified Public Accountant) is a licensed professional who has passed a rigorous exam; an accountant is a general term for someone who performs accounting work.
We can represent you in an IRS audit, but we are an accounting firm, not a law firm, so legal representation in a tax court trial may require a separate attorney.
Working capital is current assets minus current liabilities; it measures a company’s short-term liquidity.
Accounts Payable (AP) is money you owe to others (a liability); Accounts Receivable (AR) is money others owe to you (an asset).
A business must capitalize a purchase (record it as an asset) if it has a useful life of more than one year; otherwise, it is simply expensed.
You can improve cash flow by speeding up customer collections and slowing down bill payments.