There are two main types of business accounting methods: cash and accrual. In general, small-business owners have the option to choose which one to use. Both methods function to keep track of income ...

Should small businesses use cash or accrual accounting? This question gets asked almost as much as “paper or plastic?” and “debit or credit?” While the IRS requires some companies to use accrual ...

With accrual accounting, a business records revenue or expenses when a transaction occurs using the double-entry accounting ...

Many businesses prefer the simplicity of using cash basis accounting. An expense is recorded when cash is paid and income is recorded when cash is received. However, Generally Accepted Accounting ...

Accrual basis accounting is typically the preferred method, but cash basis accounting may work for very small businesses. Many, or all, of the products featured on this page are from our advertising ...

Financial accounting is the process of recording and reporting your business’s income, expenses, assets and liabilities, often with the help of software. This information gives managers, owners and ...

While having a solid handle on your business’s finances is essential, how you track business expenses and income may differ from how other small businesses conduct their accounting. Becoming ...

Learn how accounting spreadsheets work with real examples of journals plus when to switch to accounting software. Accounting often starts simple: a few transactions, a basic spreadsheet, and a clear ...

Opinions expressed by Entrepreneur contributors are their own. Should small businesses use cash or accrual accounting? This question gets asked almost as much as “paper or plastic?” and “debit or ...