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It’s essential to keep in mind all these small details of the whole picture to provide your business with up-to-date information about the accounting process. help to understand the financial situation better. The Fantastic Four of accounting. In short, accounting principles matter…a lot. Accrual principle.
Some small business accountants also run payroll. At the end of the accounting period, accountants produce financialstatements — balance sheets, income statements, and cash flow statements — to give you an overall picture of your company’s financial health.
Some small business accountants also run payroll. At the end of the accounting period, accountants produce financialstatements — balance sheets, income statements, and cash flow statements — to give you an overall picture of your company’s financial health.
Generally Accepted Accounting Principles (GAAP) : GAAP is a set of accounting standards used by companies in the United States. These standards are designed to ensure that financialstatements are consistent, transparent and comparable.
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