What is accrual accounting?

Accrual accounting records revenue and expenses when they are incurred, regardless of when cash is exchanged.

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How often should financial statements be reviewed?

Monthly for internal tracking, quarterly for strategy, and annually for tax filing and compliance.

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How can I reduce business tax liabilities legally?

Strategies include deducting business expenses, claiming tax credits, contributing to retirement plans, deferring income, and utilizing depreciation methods.

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How do payroll taxes work?

Employers withhold taxes from employees’ paychecks and contribute employer taxes to the IRS.

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Do outsourced accountants provide payroll tax compliance?

Yes, they calculate, file, and ensure payroll tax compliance.

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How do I calculate capital gains tax?

Capital gains tax depends on how long you’ve held the asset (short-term or long-term rates apply).

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What accounting software integrates with Shopify?

QuickBooks, Xero, and Wave integrate seamlessly with Shopify.

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What is double-entry accounting?

A system where every financial transaction is recorded in at least two accounts (debit and credit) to maintain balance.

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