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How to Use ChatGPT to Analyze Financial Statements

CPA Practice

AI tools like ChatGPT can be used to streamline financial statement analysis and other client accounting service tasks. Here’s an example of what it can do with an income statement. Revenue: Overall revenue seems low for a landscaping company with this level of payroll and expenses. By Sandi Smith Leyva.

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A Complete Guide to Reading Financial Statements

xendoo

With little experience in reading financial statements, this request makes you freeze in your tracks, uncertain of how to express the success of your growing business. If this scenario sounds in any way relatable, it’s time to become more familiar with the process of reading financial statements. Cash flow statements.

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Errors in Posting Payroll

SMBAccountant

Almost every business has some sort of payroll to pay their employees. Payroll can become much more complicated than some assume and it often has a substantial impact on financial results. This typically happens in at least 2 withdrawals; net pay and payroll taxes. From a cursory look, it would seem simple.

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Common Accounting Mistakes: Government Edition - Issue #1: Am I Accrual or Cash Basis?

SMBAccountant

One of the most common errors made by executives in a small startup is assuming that the reporting basis for accurate financial statements can be changed by clicking the single button at the top of the QuickBooks report. It seems simple, but in reality entails much more. Most small businesses choose to keep their books on cash basis.

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Payroll Tax Problems : Employment 941/940 tax representation

MyIRSRelief

If you are facing payroll tax problems, then you have a serious issue on your hands. A good starting point is understanding how payroll tax problems can begin. 941/940 Payroll Tax Employment Issues. This means having to keep track of all payroll and the appropriate taxes that must be withheld.

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Budgeting for Startups: Investor-Ready Financial Planning

inDinero Tax Tips

Generating financial statements, balance sheets, and income statements to share with investors and lenders. Step 1: Gather Your Tools and Decide on a System Depending on your circumstances, you may start with anything from a simple spreadsheet to DIY payroll software or indinero outsourced accounting services.

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Sales tax and M&A: Don't wait until it's too late

TaxConnex

There are two primary reasons to estimate the prior-period exposure: The data can help determine a strategy to mitigate the liability; and if a company is publicly traded, it’s required to disclose the exposure on the financial statements if it meets the reportable criteria/thresholds. Evaluate Mitigation Options.

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