What is revenue?

Revenue is the income generated from business activities such as sales of products or services.

How do accountants help with cost reduction?

Identifying unnecessary expenses, negotiating supplier contracts, and improving tax efficiency.

What is the difference between tax evasion and tax avoidance?

Tax avoidance is legal tax minimization (e.g., deductions, credits). Tax evasion is illegal (e.g., hiding income, falsifying records).

Can I claim vehicle expenses for my business?

Yes, if used for business purposes, you can deduct mileage or actual expenses like gas and maintenance.

What happens if my business is audited?

Outsourced accountants prepare necessary documents and assist during audits.

How do I handle tax withholding for multiple jobs?

Adjust Form W-4 with accurate income estimates to prevent over- or under-withholding.

How do I train employees on new accounting software?

Use online tutorials, vendor training sessions, and hands-on practice.

What is a general ledger?

A complete record of all financial transactions of a company.