Accounting Explained Tax Accounting vs. Financial Analysis: Elite Business Advice

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Have you ever wondered why you look at your profit and loss and it says one thing but you look at your bank account and it says another? Or maybe you look at your profit and loss and it shows a great or terrible month but it’s in huge swings both ways? That’s because there’s a huge difference between tax accounting and financial accounting in how you assess the numbers in your business. Believe it or not, the way you analyze the profitability of your business should be different than how the IRS analyzes your business. In this episode we help simplify the understanding of why things can be different and the best way to analyze the numbers for your business. Are your finances something you struggle to understand? Do you need help identifying your breakeven number and using your financial analysis to make decisions in your business? Schedule a free business analysis meeting at www.elitebusinessadvisors.com