Do u use cash accounting or accrual? Why?
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Accrual. Gives a more accurate picture of your P&L. Cash is better if you want to spend less time accounting and you're ok with seeing Revenue/Costs matched to when cash comes in/out.
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why not? the financials match the operations. E.g. Trends charges me $299 in Jan when I sign up. You recognize 1/12th of that as Earned Revenue and the rest as Deferred Revenue in Jan. Every month after, you Debit Deferred Revenue and Credit Earned Revenue for (1/12th of $299)
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