The accrual concept of accounting is the only method that is recognized within GAAP principles, the generally accepted accounting principles that are used by professional accounting firms most SMBs and larger businesses. While a sole proprietorship can get away with using the cash based accounting method, as your business grows it may be time to make the jump to accrual concepts.
When a business is considering making a change in its accounting services, many factors are given consideration and due.
Your business may have implemented procedures to help prevent bookkeeping fraud, but they're not 100 percent.
Cash flow problems can sink even profitable businesses. Not having a modern, efficient accounts receivable system in.
Topics: accounting, accounting processes, business planning, budget
Accounting departments have formalized the process of budgeting over the years, and during that time, the practice.
One of the most frustrating aspects of any business is waiting for the cash to flow in. While some blame can be placed.
