Cash vs Accrual Accounting: Which is Best for Your Business?

[@destiny6017]

I've searched all over KZbin for this information!!!! Thanks so much!!!

[@LYFEAccounting]

Glad it was helpful!

[@redandzoo1]

You're a breath of fresh air. I am so glad I found you. So easy to understand and precise. Most importantly you explain slowly and make iteasy to understand. Thank You Thank You

[@asfybylorna5920]

Thanks for this information - it's been a minute since I took an Accounting course and this is a great refresher as I am a new Business Owner.

[@braddyer3589]

Best description of these 2 methods I have found yet. Thanks :)

[@joshualucero7537]

Hi, Krystal. Thank you for the breakdown. I just started a financial accounting course and I'm sure I will be back to your channel. I like the way you work. FWIW, I appreciate the fact that you included the channel intro after providing some initial information.

[@seanstandberry4082]

i loved the joke in the beginning!! Agree cash accounting is great for small business

[@LYFEAccounting]

Thanks! :)

[@randymorrison1761]

I've been an independent contractor for 14 years. I've always understood this concept intuitively, but it's nice to know there are actual terms associated with it. I'm not just going crazy. I've performed work for several clients who don't pay for months. When do I record it?

[@LYFEAccounting]

Most people are on a cash basis, so you would record it when you received it.

[@NicholiasParham]

Most small businesses find Cash Basis easier and more intuitive and it's an accepted mothod of accounting. If you want to be compliant with GAAP then do the Accrual Basis. It doesn't hurt to learn both.

[@marvelouss719]

​@@NicholiasParhamBut depending on your gross revenue, accrual basis is required by IRS. Moreover, the matching principle is ignored with cash basis. She did not cover this in details because the target audience is business owners who have NEVER read an accounting book

[@rtanaka]

Clear and concise presentation- nicely done. Thank you.

[@rtanaka]

The joke was good too lol

[@LYFEAccounting]

You rock Ryan!

[@Khalid-Haji]

you guys do a pretty good job, but every time i watch your specific video I double check and make sure that if I Subscribed to this channel... Thank you :)

[@LYFEAccounting]

Awwww thank you! & Thanks for the sub!

[@chukwukaazowenunebi442]

Excellent delivery. Please make a video to explain preparation of cash flow statements

[@juliogalindo3389]

Thank you for making it so easy to understand

[@GarneredBeauty]

You are awesome. I completely understand this concept now. Thank you! Just golden!

[@KeranSmith]

The example really helped me understand! Thanks.

[@LYFEAccounting]

Glad to hear that!

[@joanbruhmuller3814]

The video is great. I would decrease the sound effects.it was distracting

[@josealmeida2842]

I in turn applaud you! Thank you for this instructional video.

[@tazrockymuff]

Thank you for the explanation!

[@AccountingZerotoHero]

Wow! That was indeed very insightful. Thanks for sharing!

[@LYFEAccounting]

Thanks for watching!

[@marvelouss719]

Used up prepaids, depr, amort and sales taxes are not reflected on cash basis income statement.

[@Neiceyspeakshermind]

your videos are awesome ! Love the energy! I have a question… How about accounting for day traders?

[@lonzadavis7262]

Nice to see people of color talking accounting, there are not many of us.

[@LYFEAccounting]

This is true, are you an accountant as well?

[@lonzadavis7262]

@@LYFEAccounting Got one more year of school before finishing my MAcct, so I'd like to think so. Still have a lot to learn though.

[@derekbrin4182]

What is recommended for a small business starting out to go with?

[@nattokami9598]

Cash Accounting

[@k55k22]

Thanks for helping me earn my PhD @ KZbin University

[@LYFEAccounting]

Hahaha! You are welcome!

[@Kingiscoming]

GEMS 💎

[@trcewk]

Thanks

[@LYFEAccounting]

You're welcome!

[@luisherrera9621]

Love the presentation. Love the presentor 😍 1. Is she single? 2. Does she like mexicans? Lol