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What type of accounting is right for my business?

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Category : > Accounting & Book keeping
Posted On : Thu Dec 31st,2009

Smaller establishments with small-volume transactions would be more likely to use a cash method. Larger business with greater transactions would be more likely to use the accrual method.

The first decision you must make is the type of accounting method that is right for your business. Accounting methods determine how and when you record your revenue and expenses. The two main types of accounting methods are cash accounting and accrual accounting. Cash accounting is recommended for small businesses. It requires that you record the transactions when you have actually made or received the payments.

Accrual accounting is usually the choice for large entities. With this accounting method, you record each transaction as it occurs, whether or not you have actually made or received the payments. You may choose to use a mix of the two accounting methods. For example, you may use accrual accounting to record revenue and cash accounting when recording bill payments. You must choose one of these accounting types the first time you file a tax return.

We help you choose between the accounting method depending upon your business structure, size of your company and volume of transactions your company is undertaking.


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Comments (1)
Darren Cover   wrote on : Wed May 05th,2010
I starting a charter business last July. I did last years taxes as a sole proprietorship. I started an S Corp March 1st and bought Quicken. What’s the best way to enter expenses and my funds put into the company prior to the start date of the S corp.?      View Detail
Reply :

Easiest way to maintain your receipts and disbursement use register option in Quicken.

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