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We get a lot of questions about financial statements. And we love good questions! So, here’s a breakdown of the basics: What are Financial Statements? Financial statements record the financial activities of an entity. They’re formalized reports that measure your company’s financial performance and liquidity, which reveals the impact of your transactions. Which financial statements do I need?  There are 3 primary financial statements that are…
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Accounting Method is the way a company reports revenues and expenses. There are two primary accounting methods: Cash Accounting and Accrual Accounting. We’ll help you understand the differences between the two and then help you choose which is best for your company. What’s the difference between Accrual Accounting and Cash Accounting? Cash Accounting is the simplest method. It’s commonly…
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