Remove accounting principles Remove accounting terms Remove accrual accounting
article thumbnail

Unlocking the Language of Accounting: Understanding Common Terms

SMBAccountant

Cash vs. Accrual Accounting Cash accounting records transactions only when cash changes hands, providing a real-time view of cash flow. However, it may distort long-term financial health. Book Accounting and Tax Accounting Small businesses may notice differences between book accounting and tax accounting.

article thumbnail

ARE ALL ACCOUNTING SERVICES THE SAME?

Basis 365

It is difficult, if not impossible, to start running scenarios without proper accrual accounting. Bookkeepers tend to understand some of the basics of accruals, such as Accounts Receivable but often don't have a degree in accounting where those concepts are expanded upon. DO THEY PERFORM ACCRUAL ACCOUNTING?