In this episode of the Ca$hflow $how, hosts Scott and Nikole dive into the topic of transitioning from cash to accrual accounting. The episode focuses on why businesses should consider moving to accrual accounting, highlighting three major signs: lumpy revenue, third-party reliance on financials, and the need for accurate forecasting. If you're a small business owner looking to enhance your financial accuracy and planning, this episode is a must-watch. Tune in and learn how accrual accounting can help you achieve your business goals.
Chapters:
00:00 Introduction
01:00 Episode Overview
04:55 What is Accrual Based Accounting?
08:19 Sign One: Lumpy Books
14:27 Sign Two: People Want to Look at Your Books
19:22 Sign Three: Planning For the Future
22:37 When to Make the Switch and Final Tips
25:45 Conclusion and Contact Information
⬇️Videos Referenced⬇️
Episode 001 - COGS
(https://youtu.be/Q9E1CRCjYN4)
Episode 016 - How to Guarantee 20% Profit from your Business, a deeper dive into the 50-30-20 Rule
(https://youtu.be/4xtKvemvclE)
🔗 Connect With Us On Linkedin! 🔗
Nikole Mackenzie
📎 https://www.linkedin.com/in/nikolemackenzie/
Momentum Accounting
📎 https://momentumaccounting.com/
Scotty OKR Scarano
📎 https://www.linkedin.com/in/scottscarano/
Padgett NC
Accounting High
📎 https://www.linkedin.com/company/accounting-high/
📎 https://www.accountinghigh.com/
Tags:
#accountingmethods #accrualaccounting #cashtoaccrual #smallbusinessfinance #financialforecasting #bookkeepingtips #revenuemanagement #businessgrowth #SBAloans #taxreporting #financialstatements #profitability #cashmanagement #accountingbestpractices #businessaccounting #podcastepisode #financialadvice #businessplanning #GAAPprinciples #taxaccountant
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