What is the Difference Between Accrual & Cash Accounting?

The major difference between accrual and cash basis accounting the timing for recording the revenues and the expenses. When using the Cash Accounting Method, your revenues and expenses are immediately recognized. In contrast, accrual accounting focuses on anticipated revenue and expenses. Key Factors In Accrual Accounting the entries for revenue and expenses happen when they […]

12 Ways to Improve Your Cash Flow

Managing cash flow is the lifeblood of your business.  After all, your business depends on the cash flowing in to pay for those expenses needed to operate your business.  Today, I will discuss 12 ways to improve cash flow which can help you encourage incoming payments, delay outlays of cash and stay on top of […]

Key To Winning Contracts – Wrap Rates

We are going to continue our accounting series by discussing wrap rates.   No, I am not talking about wrapping a car. Before we go any further, I must tell you I am not an expert in this field.  All I can do is explain wrap rates as they were explained to me a long time […]

Why Overhead Costs Matter to Entrepreneurs?

Overhead is all expenses not related to producing your product or providing your service. In other words, overhead refers to the indirect costs of running your business. Types of Overhead There are three types of overhead costs: Fixed Costs – These expenses stay consistent each month. They are not dependent on the number of products […]

Difference Between Fixed & Variable Expenses

Hi, my name is Nancy, and today I am going to continue our cost accounting series by explaining the difference between fixed costs and variable expenses.  Now before we go any further, I need your help.  You see, presently, this channel does not receive any advertising revenue from YouTube.  YouTube requires 1,000 subscribers and 4,000 […]

Accounting System- What is the Purpose

Hi, my name is Nancy, and today we are going to start a series of videos on cost accounting.  What is the purpose of the accounting system is the topic today. Now before we go any further, I need your help.  You see, presently, this channel does not receive any advertising revenue from YouTube.  Youtube […]