Episode 55 :: Breaking Down Cash vs Accrual Accounting with Danielle Hayden
Which method is right for your business?(Video + closed caption available on YouTube)There has been a lot of talk recently about the “need” to implement accrual accounting instead of cash accounting if you are, or plan to be, seeking investment for your Good Food Business.
In this episode, I am joined by Danielle Hayden, Founder and CEO of Kickstart Accounting - an accounting firm designed to help female entrepreneurs understand their financials in order to grow their businesses and become more profitable.
As a Chief Financial Officer for over 10 years, Danielle loved accounting but felt like something was missing while just helping investors and board of directors of large companies. That’s when she realized her thrill for helping entrepreneurs, especially women, who were breaking the rules of business in order to create something amazing – something the rest of the world didn’t expect them to do.
Danielle and I are breaking down cash and accrual accounting, and why the method you choose matters to your business. You’ll hear:
The differences between cash and accrual accounting
How the accounting method you choose ties to your taxes
What systems and people you must have in place if you want to implement Accrual accounting successfully
How to think about choosing an accounting method for your business, whether you’re seeking investment or not
And a lot more!
You’ll leave this episode with a better understanding of the relationship between your margins and cash flow so you can make informed decisions about funding the growth of your business.
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