Discover when businesses must use accrual accounting and how it differs from cash accounting. Learn why it's essential for inventory and credit sales.

The IRS has issued new guidance on automatic accounting method changes. Revenue Procedure 2009-39 provides certain additions, modifications and clarifications to Revenue Procedures 2008-52 and 97-27 ...

The IRS on Thursday updated the list of accounting method changes to which automatic change procedures apply (Rev. Proc. 2021-34). Generally, unless otherwise provided, a taxpayer must secure the ...

Should a small business use a cash or accrual accounting method? A CPA answers with examples. If you are an entrepreneur or small business owner, it is a good idea to familiarize yourself with both ...

Not all forms of accounting are the same. Some focus on costs, others on audits and some focus on taxes. While having a solid handle on your business’s finances is essential, how you track business ...

Learn what inventory accounting is, how it works, and key methods like FIFO, LIFO, and WAC. Includes real-world examples, tips, and best practices. I like to think of inventory accounting like ...

In 2007-2008, accounting rule-makers changed the way that companies are required to account for the merger or acquisition of businesses from the existing "purchase method" to a new "acquisition method ...

Restaurant accounting has specific needs and features. Here's a look at restaurant accounting methods and expenses, how tips factor in, and more.