Yes. And it’s really, I think, one of the most overlooked issues in business. I think people presume that because they can turn on a computer and download something like QuickBooks, that somehow they have financial statements and that’s really not the case. And I’ll give you a quick example. My own daughter-in-law has a bookkeeper for her business, and a couple of years ago during covid, everybody was getting P P P loans and that particular bookkeeper not understanding accounting went back and booked it as income. So when we realized that what was going to happen was that those P P P loans were not going to be taxed in California or in at the federal level, it took California a couple of months to catch up with the feds. But the presumption always was that those P P P loans would not be taxable. The proper way to go back and book those was via a liability.

So you would debit cash and credit a liability Instead, what was credited was income. And when my daughter-in-law came in when we were doing some tax planning, she absolutely freaked out because she didn’t understand how She’d made quite so much money when in fact, when she goes back and she looked at her bank account, she says, you know, I have this loan that I think I’m going to have to pay back. So when you’re doing financial statements, it’s really critically important that you have someone that understands how it is the underlying accounting and gap accounting actually works because the ability to go back and affect changes on financial statements just by reviewing them, becomes of critical importance because those financial statements underlie the tax returns on which you’re reporting to the Internal Revenue Service. So my goal when I have a client that comes in and I have our firm has not done the accounting, is to review the accounting because oftentimes I could spot issues within the accounting itself that can save the client hundreds if not tens of thousands of dollars.

I think one of the best examples that I can think of from a business perspective is when businesses go back and they have obsolete inventory and they need to write it off. And a lot of accountants don’t know how to do that. And so it’s those types of instances where you can make a change in the underlying financial statements based on gap and based on tax in order to save the client’s money. In terms of lower taxes, one of the ways that we can assist in that endeavor is to review the financial statements on a monthly, quarterly, or even a yearly basis because it’s that review of the underlying accounting that can go back and save the taxpayer dollars prior to even completing a tax return. So it’s one of the services that we provide that I encourage all clients who have a business and who have a set of books and don’t have a, a CPA or a professional that are reviewing them to take advantage of.