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When it comes to recording sales that you haven’t received payments for, you have to understand what accrual accounting is. Such entries are put in an accountingsystem where accounts receivable or accounts payable are stored. It’s possible that you might not receive the cash when you expect.
However, eventually, you will be faced with the reality of accounting. In this post, I’m going to simplify the accountingbasics for small business owners. By the end of this post, you will know the what, why, and how of accounting. What is Accounting? Like really, what does accounting mean?
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According to a recent USMCA report , the increasing tendency of late invoice payments has been observed lately, with nearly 47% of B2B sales affected. QuickBooks is an accountingsystem by Intuit, created for small- and medium-sized businesses, both off- and online. Why might you want to use QuickBooks? Work in the background.
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