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Understand your financials and spot bookkeeping red flags before they cost your business money Your financials are supposed to reflect what actually happened in your business, but most entrepreneurs don’t know how to read them or what to question. When the numbers don’t match reality, it can lead to missed deductions, cash flow confusion, and IRS scrutiny. In this episode, Anastasia Aiello and Myiesha Fisher break down how to understand your financials at a practical level so you can quickly spot errors, missing activity, and red flags. You’ll learn how to review your profit and loss and balance sheet, stay audit-ready, and ask your bookkeeper the right questions to make sure your numbers tell the right story. • What do your financials actually say about how your business operates? • How do profit and loss statements differ from balance sheets, and why do you need both? • What do negative numbers in your financials usually mean? • How can you spot missing expenses or misclassified transactions fast? • Why doesn’t your profit always match your bank balance? • What questions should business owners ask their bookkeeper to stay audit-ready? ⏱️ Timestamps: 00:00 – Why understanding your financials matters for business owners 03:55 – Profit and loss vs balance sheet explained simply 07:25 – How to scan financial reports for red flags fast 10:00 – Negative numbers and what they usually signal 13:00 – Matching financials to real business activity 16:20 – Year-over-year and monthly pattern checks 19:30 – Profit vs cash balance disconnects explained 22:40 – How to take control by asking better bookkeeping questions Why subscribe? Every week, Let’s Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs, not corporate jargon you can’t use. You’ll get clear explanations, real examples, and answers to the money questions that impact your business decisions. The goal is simple: make business finances less intimidating and more profitable. 🔗 Listen everywhere: Apple Podcasts: https://podcasts.apple.com/us/podcast... Spotify: https://open.spotify.com/show/08AjRNf... Watch on YouTube: / @letsgetfiscalpodcast 📊 Helpful resources: Got a question for the show? Submit it here: https://www.coterietax.com/qa Want to listen to more episodes? Start here: https://www.coterietax.com/podcast Need personalized help with your business finances? Visit: https://www.coterietax.com What’s your biggest tax or money question right now? Drop it in the comments below. Anastasia and Myiesha read every comment and love helping with real-world situations. #Bookkeeping #AuditReady #LetsGetFiscal #TaxTips #SmallBusiness #Entrepreneurship #BusinessFinance #TaxStrategy #MoneyManagement