In short, yes. Click on the link below to access more information from the two largest accounting softwares on the market, which happen to be the softwares that we work with.
Yes, if your firm gets audited, the IRS will need receipts. You can find more information in the IRS website, by clicking the link below.
Photo copies of receipts will suffice, according to the IRS website link found below.
Your firm could be suffering from a cash shortage for a number of different reason, even if you are showing a net income.
Lastly, look over your statement of cash flows. The great thing about the statement of cash flows is that it starts with your net income and reverses itself out to show where all your cash is going.
We wrote an awesome article on that! Click here to download.
Please contact us, and we will be happy to answer!