Bookkeeping Essentials: Accrual vs Cash Basis Accounting –What is the Difference, and What it means for your Business

Duration: 90 Minutes
Businesses will report their financials on either cash or accrual basis. The main difference between cash and accrual accounting is the timing of when revenue and expenses are recognized. This presentation walks the user through the basic concepts and applications of each approach. This webinar will facilitate the discussion as to which approach is right for the business and the impacts of changing between the two. Whether reporting to investors, bankers, the tax authorities, understanding how to present your financials enhances the effectiveness of your presentation.
Cash Accounting and Accrual Accounting
Instructor: Candace Leuck
Product ID: 507232
Objectives of the Presentation
  • Cash based accounting
  • Accrual based accounting
  • What's the difference between cash and accrual accounting?
  • What are the advantages and disadvantages of each method?
  • How to choose between cash and accrual
  • Changing accounting methods
  • What will work best for your business
Why Should you Attend
Cash and accrual are the two methods of accounting for income and expenses. Behind these methods are the essential concepts of financial reporting. In businesses today it is important to be able to communicate to shareholders, tax authorities, boards of directors and bankers, etc. By understanding the difference between various presentation techniques for analyzing an entity, a seller, buyer, presenter, can convey different aspects of a business in a manner that presents the information in an applicable format.

For example, if you are a service business, the cash basis of accounting may make the most sense. If you have a business with projects that span longer durations, like a construction company, then the accrual basis may make more sense.

This training will help you understand the importance of these two presentation styles and allow you to move between them. Also, it will address an example of what to consider in accounting software related to Cash versus Accrual accounting. With the use of interactive exercises and easy to understand language, participants will learn the differences and benefits of each accounting method.

Areas Covered
  • Cash accounting
  • Accrual accounting
  • Importance of the timing of transactions
  • Financial statements
  • What is different in financial statements?
  • How can you tell what method is being used?
  • Cash or accrual accounting and cash flow forecasting
  • Discuss applications of each presentation by examples
  • Checks
  • Credit card transactions
  • Accrued expenses
  • Accounts receivable
Who will Benefit
  • Business Owners
  • Bankers
  • Accountants
  • Lawyers
  • Anyone involved in buying selling, or valuing a business
  • Controllers
  • Accounting Managers
  • Budget and Resource Managers
  • Financial Analysts
  • Budget Analysts
  • Resource Managers
  • Sales Personnel
  • Operations Managers
  • Finance Associates & Managers
  • All Non-Financial Professionals responsible for managing resources
  • CFOs
  • VPs of Finance & Operations
$300
Recorded Session for one participant
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Candace is owner of Athena Finance Group, Inc. specializing in strategic planning, distressed entity recovery, valuations, and educational programs. Athena's mission is to pursue and communicate the information clients need. This is accomplished through a cooperative working relationship. Based on solid strategy, the outcome is an expansion of the opportunities of those served.

Candace was associated with Ernst & Young in the tax and then auditing area, serving small, midsized and SEC clients during her tenure. She gained significant experience with various industries including manufacturers, automobile dealerships and securities brokers.

Upon leaving Ernst & Young, Candace pursued and obtained her Masters of Professional Accountancy from Clemson University and proceeded to her career in the educational arena, teaching at Clemson University, Furman University, and the University of North Carolina at Greensboro. She returned to Clemson in the Fall of 2006 and remained through Spring of 2012. In addition to undergraduate and graduate education, Candace has developed and taught various continuing education courses in both live format and through webcast technology.
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