Episode 72: Cash-Based Accounting v. Accrual-Based Accounting

Did you know there are TWO ways you can track your income and expenses? If you're unsure which method of accounting would work best for your private practice, today's episode is for you! We always recommend meeting with your tax professional to discuss this ins and outs of your finances, determine which method is best for you, and ensure your income and expenses are moving smoothly with your business needs.

Episode Highlights:

• What is cash-based accounting?
  • Your income and expenses are recognized when the money is received or disbursed
• What is accrual-based accounting?
  • Your income and expenses are recognized when they are incurred regardless if money has been received or disbursed

Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast