What is an LLC and why would I need it?
It’s low cost, easy to open and maintain and very popular.
Should I be concerned about balance sheets and income statements for my business?
These financial reports are important to understand for the health of your business and should be well understood.
What is the difference between cash based and accrual based accounting?
Accrual based accounting means you record your transactions when they are meant to happen, not when the cash comes or goes.
What is cash-basis accounting?
Cash-basis is what most people are familiar with, it is how you handle your personal or household finances.
What is accrual-basis accounting?
The distinction is you recognize the income when you record it, not when the deposit hits your bank account.