{"id":20786,"date":"2021-01-06T11:17:00","date_gmt":"2021-01-06T05:47:00","guid":{"rendered":"https:\/\/www.techjockey.com\/blog\/?p=20786"},"modified":"2024-06-13T11:49:06","modified_gmt":"2024-06-13T06:19:06","slug":"cash-vs-accrual-accounting","status":"publish","type":"post","link":"https:\/\/www.techjockey.com\/blog\/cash-vs-accrual-accounting","title":{"rendered":"Cash Basis Vs Accrual Basis of Accounting: Which is Better?"},"content":{"rendered":"\n<p>Small and medium scale enterprises have to endure a tough time while selecting the most appropriate accounting method for your organisation. The choice boils down to two options- which one to select out of cash vs accrual accounting. If you are a business owner facing this same conundrum, then this article is for you.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2021\/01\/Cash-Basis-Vs-Accrual-Basis-of-Accounting-Which-is-Better-for-SMBs-_-banner-scaled.jpg\" alt=\"Credit to cash accounting\" class=\"wp-image-20797\" srcset=\"https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2021\/01\/Cash-Basis-Vs-Accrual-Basis-of-Accounting-Which-is-Better-for-SMBs-_-banner-scaled.jpg 1024w, https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2021\/01\/Cash-Basis-Vs-Accrual-Basis-of-Accounting-Which-is-Better-for-SMBs-_-banner-300x157.jpg 300w, https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2021\/01\/Cash-Basis-Vs-Accrual-Basis-of-Accounting-Which-is-Better-for-SMBs-_-banner-768x402.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p><strong style=\"font-size:24px;\">Different Basis of Accounting for SMBs: An Overview<\/strong><\/p>\n\n\n\n<p>When it comes to different basis of accounting, there are three main types. They are:<\/p>\n\n\n\n<ul>\n<li><strong>Cash Basis Accounting<\/strong><\/li>\n<\/ul>\n\n\n\n<p>In this accounting method, any\ninflow and outflow of income or amount is recognised only when it has changed\nhands. <\/p>\n\n\n\n<ul>\n<li><strong>Accrual Income Accounting<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Businesses making use of the\naccrual concept of accounting consider an invoice as an income source as soon\nas it is raised. In a similar fashion, a bill is considered in outstanding\npayments even if it is not to be cleared for sometime. <\/p>\n\n\n\n<ul>\n<li><strong>Hybrid Accounting<\/strong><\/li>\n<\/ul>\n\n\n\n<p>A venture employing both cash basis and accrual basis of accounting is said to have a hybrid accounting method. They use cash basis for paying their taxes while they use the method of accrual of their expenses for loan applications.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-cash-accounting\"><span class=\"ez-toc-section\" id=\"what_is_cash_accounting\"><\/span>What is Cash Accounting?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2021\/01\/accrual-accounting_2-1024x536.png\" alt=\"cash accounting\" class=\"wp-image-20795\" srcset=\"https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2021\/01\/accrual-accounting_2-scaled.png 1024w, https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2021\/01\/accrual-accounting_2-300x157.png 300w, https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2021\/01\/accrual-accounting_2-768x402.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p>In\ncash basis of accounting, any expense or income is entered into cash book\nrecords only when they have been finally processed. This means that any entry\nmade under the accounts receivable and accounts payable section is not taken\ninto consideration. <\/p>\n\n\n\n<p>SMBs\nmake use of this credit to cash accounting as it is simple and easy to\nmaintain. Payments that have been received or bills that have been paid are\neasier to track on the basis of your bank statement. Cash account is useful for\nSMBs to gain a knowledge of the exact amount of resources available for\nutilisation. <\/p>\n\n\n\n<p><strong style=\"font-size:22px;\">Cash Basis Accounting Examples<\/strong><\/p>\n\n\n\n<p>Let\nus help you understand the nitty gritty of cash basis accounting with the help\nof a practical example. <\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\"><em style=\"font-size:17px;\"><strong>Recording Income<\/strong><\/em><\/p>\n\n\n\n<p>Let\u2019s\nassume that a certain company sells \u20b930,000 worth\ngoods to a customer in the month of May. But the customer clears the invoice in\nthe month of June. If the company follows a cash basis accounting method, then\nthis income would be recorded as part of its financial books in June only.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\"><em style=\"font-size:17px;\"><strong>Recording Bill Payments<\/strong><\/em><\/p>\n\n\n\n<p>Now consider the same company paying off a supplier for purchases worth \u20b99000 made in the month of February. Although the purchases were made in February, payment was made in April. If the company makes use of cash basis of accounting, this expense will be recorded in the month of April, when the final bill is cleared.<\/p>\n\n\n\n<p><strong style=\"font-size:22px;\">Advantages &amp; Disadvantages of\nCash Basis Accounting<\/strong><\/p>\n\n\n\n<p><strong>Advantages of cash book in accounting<\/strong><\/p>\n\n\n\n<ul>\n<li>In this method,\ntransactions are not recorded until the payment or bill is cleared. This means\nthat your business profit won\u2019t be liable for taxation for that period. <\/li>\n\n\n\n<li>Cash basis accounting\nis preferred for keeping a tab on the cash flow of your company as you only need to track transaction history and not receivables\nor payables.<\/li>\n\n\n\n<li>Cash accounting is comparatively easier to maintain. &nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Disadvantages of cash accounting<\/strong><\/p>\n\n\n\n<ul>\n<li>This method lacks accuracy. Although transactions would be recorded only when the bill is paid, this does not mean that you don\u2019t have to allocate funds for bill payment. On the contrary, you might count funds meant for bill payments as part of your profits erroneously. <\/li>\n\n\n\n<li>Cash accounting is not the perfect method for deciding the financial health of a company. It might reflect that the company is in a profit position based on pending invoices while it may run into loss in the long run.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\"><strong>Suggested Read: <a href=\"https:\/\/www.techjockey.com\/blog\/best-free-accounting-software\">Free Accounting Software For PC<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-accrual-accounting\"><span class=\"ez-toc-section\" id=\"what_is_accrual_accounting\"><\/span>What is Accrual Accounting?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2021\/01\/accrual-accounting-1024x536.png\" alt=\"accrual accounting\" class=\"wp-image-20793\" srcset=\"https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2021\/01\/accrual-accounting-scaled.png 1024w, https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2021\/01\/accrual-accounting-300x157.png 300w, https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2021\/01\/accrual-accounting-768x402.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p>Accrual\nconcept in accounting refers to the practise of recording a transaction as soon\nas an invoice is generated or received. This is done even if the amount has not\nbeen credited or debited from the company\u2019s account. <\/p>\n\n\n\n<p>The\nmain reason why SMBs should be going for accrued revenue in accounting is that\nit helps them manage long term financial goals. They need not wait for funds to\nbe debited or credited to update their books. <\/p>\n\n\n\n<p><strong style=\"font-size:22px;\">Accrual Basis of Accounting\nExamples<\/strong><\/p>\n\n\n\n<p>It&#8217;s\na common sight for beginners to get confused while understanding the meaning of\naccrued in accounting. Let us help you out with the help of an easy to\nunderstand example. <\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\"><em style=\"font-size:17px;\"><strong>Recording Income<\/strong><\/em><\/p>\n\n\n\n<p>Imagine\na medium scale enterprise that sold \u20b950,000 worth\nproducts to a customer in December 2019 but received the payment in January\n2020. If the company makes use of an accrual basis of accounting, then this\ntransaction would be recorded in the month of December itself. That is in the\nmonth when products were sold.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\"><em style=\"font-size:17px;\"><strong>Recording Bill Payments<\/strong><\/em><\/p>\n\n\n\n<p>The same company owes \u20b980,000 to a supplier and it raises\nthe invoice in August. But the final payment is made in the month of September.\nThen a debit of \u20b980,000 will reflect in the books in the month of August itself\neven if the invoice was cleared in the month of September.<\/p>\n\n\n\n<p><strong style=\"font-size:24px;\">Advantages &amp;\nDisadvantages of the Accrual Concept of Accounting<\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Advantages of Accrual Income Calculation<\/span><\/strong><\/p>\n\n\n\n<ul>\n<li>The main advantage of accrual concept is that companies can get a hold of their financial situation for the long term. <\/li>\n\n\n\n<li>Accrual concept is based on accuracy. Since the company already segregates income and bill payment before they are processed, the possibility of counting funds meant for outstanding payments as the part of company profits can be eliminated.<\/li>\n\n\n\n<li>It is a suitable accounting method for organisations whose operations are inventory intensive. <\/li>\n<\/ul>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Disadvantages of Accrual Registration of Expenses<\/span><\/strong><\/p>\n\n\n\n<ul>\n<li>In accrual basis of accounting, you have to pay tax on income even before the cash inflow. In case the customer forfeits your payment, you put in claim for getting the tax back only when you file your next income tax return.<\/li>\n\n\n\n<li>Accrual accounting may help you set long term financial goals in order but it does not take into account any short term cash shortage your business might be facing. <\/li>\n\n\n\n<li>It can be complicated to handle as you have to include revenue yet to be earned and advance expenses. <\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-cash-vs-accrual-accounting-key-differences-between-cash-basis-and-accrual-basis-of-accounting\"><span class=\"ez-toc-section\" id=\"cash_vs_accrual_accounting_key_differences_between_cash_basis_and_accrual_basis_of_accounting\"><\/span>Cash Vs Accrual Accounting: Key Differences Between Cash Basis and Accrual Basis of Accounting<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>We have looked at the basic features, advantages and disadvantages of both cash vs accrual accounting. It is time to compare both to understand which one would be more suitable for your organization. <\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>\n  <strong>Accrual basis of accounting <\/strong>\n  <\/td><td>\n  <strong>Cash basis of accounting<\/strong>\n  <\/td><\/tr><tr><td>Transactions are recorded after a purchase has been made or an expense encountered even if   the funds have not been transferred in real life.<\/td><td>Transactions are recorded only when funds have been credited or debited from the company&#8217;s   account.<\/td><\/tr><tr><td>Suitable for setting long term financial goals for the company.<\/td><td>Suitable for overlooking day-to-day business deals made by the company.<\/td><\/tr><tr><td>Tax has to be paid on income you are yet to receive from the customer.<\/td><td>No tax has to be paid until the income is credited to your company\u2019s account.<\/td><\/tr><tr><td>Clear distinction between incoming and outgoing funds prevents the consideration of funds meant for bill payments as part of profit.<\/td><td>Possibility that funds allocated for bill payment may be counted as profit. Bills are not paid immediately under cash basis of accounting.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong style=\"font-size:24px;\">Cash Basis or Accrual Basis of Accounting for SMBs<\/strong><\/p>\n\n\n\n<p>Now to answer the most sought-after question, the one\nwhose answer you have been speculating throughout this article. Which of these\naccounting techniques you can prefer for your business?<\/p>\n\n\n\n<ul>\n<li>If your business is inventory-intensive, we suggest that you opt for accrual basis of accounting. But if your business involves the minimum use of inventory, your accountant might suggest you opt for cash basis of accounting. <\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Accrual method can be utilized to conduct a month-by-month profit analysis of your company. Although cash accounting helps you with tax management, the lack of accuracy nullifies the usability.<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Some critics might complain that accrual accounting involves a lot of tedious work. But with our modern-day accounting software, a major portion of these redundant tasks can be automated, thus increasing the efficiency of your accounting team. Moreover, the best accounting solutions recognize the dynamic needs of your business. Hence, they allow you the option to switch from accrual basis to cash basis and vice-versa.<\/li>\n<\/ul>\n\n\n\n<p><strong style=\"font-size:24px;\">Conclusion<\/strong><\/p>\n\n\n\n<p>So here is our 2 cents on the ever going debate on cash Vs accrual accounting. Remember both have their own merits and demerits. Cash accounting can help you save tax but is not useful for financial strategies.<\/p>\n\n\n\n<p>On the other hand, accrual accounting presents an accurate picture of your company profits but can be complicated to manage. SMBs can also opt for hybrid accounting, in case they want the best of both worlds, with the help of accounting software. <\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">More Useful Accounting Application Links<\/span><\/strong><\/p>\n\n\n\n<ul>\n<li><strong><a href=\"https:\/\/www.techjockey.com\/blog\/best-free-accounting-software\">Best Free Accounting Software<\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/www.techjockey.com\/category\/accounting-software\">List of accounting software in india<\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/www.techjockey.com\/blog\/accounting-software-list\">Types Of Accounting Software<\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/www.techjockey.com\/blog\/best-accounting-software-for-smbs-tally-vs-zoho\">Zoho Books vs Tally<\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/www.techjockey.com\/blog\/7-best-school-accounting-software-manage-school-finances\">School Accounting Software<\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/www.techjockey.com\/blog\/cash-vs-accrual-accounting\">Benefits of Accrual Accounting<\/a><\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Small and medium scale enterprises have to endure a tough time while selecting the most appropriate accounting method for your organisation. The choice boils down to two options- which one to select out of cash vs accrual accounting. If you are a business owner facing this same conundrum, then this article is for you. Different [&hellip;]<\/p>\n","protected":false},"author":69,"featured_media":35129,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[287],"tags":[8305,8306,8304,8303],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v22.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Difference between Cash Basis and Accrual Basis of Accounting<\/title>\n<meta name=\"description\" content=\"cash basis vs accrual accounting to give you a detailed analysis of their (benefits) advantages, disadvantages and what exactly sets them apart.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.techjockey.com\/blog\/wp-json\/wp\/v2\/posts\/20786\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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