SMBAccountant

MARCH 6, 2024

Cash vs. Accrual Accounting Cash accounting records transactions only when cash changes hands, providing a real-time view of cash flow. In contrast, accrual accounting records transactions when they occur, offering a more accurate depiction of the company’s financial position over time by matching revenues with expenses.

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Patriot Software

NOVEMBER 3, 2022

As a small business owner, you might not be an accounting wizard, but your math needs to add up. To discover and get to the root of errors in your double-entry accounting books, use a trial balance. If you use accrual accounting to manage your books, your credits […] READ MORE.

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Accounting Seed

NOVEMBER 23, 2022

If you use accrual accounting, you record transactions as soon as you earn the money. This requires crunching more numbers than cash accounting, but it gives you a better perspective on your income. IRS rules make accrual accounting mandatory for some businesses. This is known as balancing your accounts/books.

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Snyder

JANUARY 3, 2023

Cash based method records the actual inflow or outflow of money from your accounts, while the accrual method anticipates revenue and expenses. However, for small businesses, the cash based method of accounting is more commonly used as it’s more straightforward and simpler to execute. Record transactions in accounting books.

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