Tag Archives: virtual accounting va

Can You Pay Me Out of Petty Cash?

Financial ManagementBy Sherrell T Martin August 6, 2013 Leave a comment

Petty cash funds are funds that are kept on hand at your business office and is used to reimburse employees for small expenses. Sometime it is misused as if it were an extra bank account. Keeping track of petty cash is a key control for small business owners. Failure to do so will leave your…

Cash vs Accrual: Which one should you use?

Financial ManagementBy Sherrell T Martin July 23, 2013 Leave a comment

There are two basic forms of accounting that should be used to track your revenues and expenses – cash basis and accrual basis. Cash basis means that you recognize the income when you receive it and you recognize expenses when you actually pay them. Accrual basis means that you recognize income when you have the…