Cash vs Accrual Accounting

2 min. read

Financial records for your business may be kept on either a cash or accrual basis, although most small professional service businesses use the cash method.

Cash Accounting Methods

Cash accounting is the reporting of revenues and expenses at the time they are actually received or paid. If you use the cash accounting method, you are considered to have made a transaction when the cash is physically received or paid out for services or products.

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