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 ...

Discover what accounting changes are, how they affect financial statements, and why full disclosure is essential for ...

Businesses in the Unites States do their accounting under one of two methods: cash and accrual. The difference lies largely in when a business recognizes the revenue it earns and expenses it incurs.

Accounting is vital to a business’s financial hygiene; here’s everything entrepreneurs need to know about it. Many, or all, of the products featured on this page are from our advertising partners who ...

Assets like equipment, vehicles and furniture lose value as they age. Parts wear out and pieces break, eventually requiring repair or replacement. Depreciation helps companies account for the ...

A nonprofit organization typically strives to make as much money as possible to keep the organization running or fund whatever cause it supports. That means those entities need to use accounting ...

Discover the hidden details in financial footnotes essential for interpreting income statements, balance sheets, and cash ...

Restaurant accounting has specific needs and features. Here's a look at restaurant accounting methods and expenses, how tips factor in, and more.

Business.com aims to help business owners make informed decisions to support and grow their companies. We research and recommend products and services suitable for various business types, investing ...

Section 446(e) requires a taxpayer to obtain IRS consent prior to changing its accounting method. A change in method of accounting may include either a change in an overall plan of accounting for ...

Should a small business use a cash or accrual accounting method? A CPA answers with examples. If you are an entrepreneur or small business owner, it is a good idea to familiarize yourself with both ...