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

📎 https://www.padgettnc.com

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