Armand Kadima’s Post

Name: Learn cash management from Authentic Currency, LLC | Armand Kadima posted on the topic | LinkedIn
Uploaded: 2024-03-18T19:53:11.168Z
Duration: 1 min 59 s
Channel: Armand Kadima

Armand Kadima

7mo

💡 Are you in pursuit of sustainable growth for your business? Look no further than Authentic Currency, LLC to guide you through the essential principles of cash management. Discover why effectively managing your cash flow is paramount for achieving long-term success and stability. Our expertise will illuminate the path forward, empowering you to make informed financial decisions that drive growth. Ready to unlock the keys to financial resilience? Tap the link in our bio to delve deeper and embark on your journey towards sustainable growth today! #blackbusinessowner #authenticcurrency #usabusiness #blackbusinesswomen #blackbusinesses #businesstips101 #smallbusinessowner

Transcript

Versus cash. So what's the difference? And is 1 better than the other, They both serve their purposes and it really depends on the stage of the business that you're in. You're naturally probably going to start with the cash basis of accounting and then as your business grows and you're starting to report more internally and externally as well, you're going to want to look for the right time to move to accrual basis of accounting. So with the cash basis of accounting, it is exactly as it sounds. Financial transactions are recorded as the cash comes in and as the cash comes out. The only issue here is that it's a little harder to understand the impact of your revenue and expenses on each other. They could be in different time periods and you can't really account for that as well as you can with accrual basis accounting. So with accrual basis accounting, there is the concept of matching A matching principle that allows you to understand how your revenues and expenses are related to each other, which is very important as you look to run. The internal operations of your business, so financial transactions are also recorded as they occur similar to cash basis accounting but with accrual. The difference is going to be that there is adjustment made for when the actual cash that's related to those transactions comes in. So there is a bit of accounting adjustment there and that's the major difference between the two. But the pro of the accrual accounting is set that matching of the revenue and expenses. Which happens by way of the accounting adjustments that helps you to better understand your margins in the business and really matching the impact of your revenue and expenses when you look at them together in the same time period. And cut.

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