Think about financial statements as gauges on your car’s dashboard. The speedometer is like your Income Statement (also called a Profit & Loss Statement). The gas gauge is like your Balance Sheet.
Accrual or cash accounting, both methods have to do with how and when you recognize revenue and expenses for your company. But there are pros and cons to each, and once you choose one method, it can get complicated to switch.
I’ve heard so many event business owners talk about how they can’t stand accounting or say that they “have an accountant for that”. If you’re one of those people, then this article is for you! It’s easy to pass off the elements of your business that you don’t understand (or don’t want to understand), but the challenge is, how do you know that it is being done correctly? The simple answer is, you don’t.
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