Do I need a tax accountant or a general accountant?

If tax optimization is your main concern, hire a tax accountant. For broader financial management, a general accountant is suitable.

What financial records should a business keep for tax purposes?

Invoices, receipts, payroll records, tax filings, and bank statements (typically for 3-7 years).

How do banks account for fraud losses?

Fraud losses are expensed as operating losses, with insurance recoveries offsetting losses.

What is working capital, and why is it important?

Working capital is current assets minus current liabilities, indicating financial health and liquidity.

How do outsourced firms handle compliance for publicly traded companies?

They ensure adherence to SEC regulations and financial reporting standards.

What is AI-powered accounting software?

AI automates tasks like invoice processing, expense categorization, and fraud detection.

What is Machine Learning (ML)?

ML is a subset of AI that enables computers to learn from data and improve performance without explicit programming.

What’s the best time to hire an accountant?

Before starting a business, during tax season, or when financial management becomes overwhelming.