Multi-book Accounting

Easily deliver both cash- and accrual-based financial statements with automatic tracking of entries at the transaction level for a complete set of cash and accrual books.

You don’t have to choose between cash or accrual basis accounting

Running both GAAP- and cash-based financial statements is effortless with Multi-book Accounting. The simplicity of entering financial transactions once and having them created for both accrual- and cash-basis gives you the ability to quickly see a true picture of business performance while still closely monitoring money coming in and going out.

Why you may want both

When deciding the right accounting method for your business, questions to ask include:

  • Is your business growing? If so, it may require an audit in the future.
  • Might you ever need a bank loan? If so, that may require an audited financial statement.
  • Do you want to monitor the health of your business and make strategic decisions based on key financial metrics? If so, this may require you to analyze accrual-based financial data.

While it’s important to stay focused on cash flow, there are many advantages to being able to view financials in both cash and accrual to understand the true performance of your business.

How does Multi-book Accounting work?

Supported accounting methods

Why choose between cash- and accrual-basis accounting, when you can do both? With Multi-book Accounting from Accounting Seed, it’s easy to use the method—or methods!—that best suit your organization.

Cash vs accrual basis accounting

Whether it makes sense to track financial transactions under cash, accrual, or both depends on each business. In cash-basis accounting, income is generally recorded when customer payments are received, and expenses recorded when payments are made. While in accrual-basis accounting, income is generally recorded in the period in which it’s earned and expenses recorded in the period they are incurred—regardless of when payment is received or paid out.

Reporting—you're covered

Whether you need cash-basis to keep a close eye on money coming in and going out, accrual-basis to get a true picture of business performance, or both; Accounting Seed gives you the option to track on either or both so you can generate the reports you need to satisfy your CFO, auditor, or the bank.

See Accounting Seed in action

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