In this video we discuss different methods of accounting, for example cash and accrual accounting practices. Cash accounting recognizes income and expense when money is paid or received, while accrual accounting recognizes income and expense when an event happens, regardless of if money has been exchanged. Andy and Erin talk through logging parts, labor and tracking work in process. You don’t want to run both types of accounting, and typically a business CPA can help you choose the system best for you and your business. We hope this helps!
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