Category: Accounting

Accrual vs cash basis accounting is basically a matter of timing. The accrual method immediately recognizes expected revenue and expenses, while the cash method reflects actual revenue and expenses.   In this post, we’ll explore this difference further and talk about how to decide which method you should use.   What Is Accrual Accounting?  … Continue reading Accrual vs Cash Basis Accounting

When it comes to bookkeeping, have you ever wondered if you’re “doing it right?” Keeping track of inventory, refunds, and other moving parts can be challenging for eCommerce sellers. Whether you’re running a brick-and-mortar or any eCommerce business, you should keep and refer to many financial statements, and one of which is your ― profit… Continue reading What Is a Profit and Loss Statement?

Accrual accounting is one of the two most prominent accounting methods (the other being cash basis accounting). The accrual accounting method gives better insight into a company’s business operations from a financial perspective. It looks at revenue and expenses in tandem at the times that they are generated.    Smaller businesses may benefit more from… Continue reading What is the Accrual Accounting Method and When Should It Be Used?

  Shopify accounting software or a Shopify accounting app is a must for store owners selling at least $250,000 per year. Shopify is one of the biggest eCommerce platforms, so it has some amazing features. In terms of financial reporting, however, we find the built-in package lacking.   Shopify does not make all these financial reports… Continue reading 9 Best Rated Shopify Accounting Software Tools for Stores in 2024