Need Help Understanding Fincen bol Reporting Requirements?

I’ve recently started handling the financial side of our small business, and I’ve been hearing a lot about Fincen bol reporting. Can someone break down exactly what Beneficial Ownership Information (BOI) reporting entails? I understand it’s related to anti money laundering laws, but the specifics are confusing. Is this something that all businesses need to do, or are there certain thresholds? I’m also curious if it’s something I can manage on my own, or if I should be looking for professional Fincen advisors. Any advice would be greatly appreciated.