Tag Archives: Financial Skills
We cannot all accountants but as a leader in an organisation, it can be useful to have a basic understanding of some of the key financial terms and processes used to manage the organisation's finances.
So, how does accrual accounting differ from cash basis accounting?
In simple terms, the main difference between accrual and cash basis accounting lies in the timing of when revenue and expenses are recognised.
The cash method is mostly used by small businesses and for personal finances. The cash method accounts for revenue only when the money is received and for expenses only when the money is paid out.
On the other hand, the accrual method accounts for revenue when it is earned and expenses goods and services when they are incurred. The revenue is recorded even if cash has not been received or if expenses have been incurred but no cash has been paid. Accrual accounting is the most common method used by businesses.
Tony Robbins is a pioneer in the personal development space, but his book on finances is like a graduate course in college.
A novice in finance could read this book and walk away an expert.
Tony takes complicated financial strategies and distils them down to the average reader’s level.
Money is not everything in life, but it is important, especially in the business. There are many entrepreneurs who are great at making income but are clueless as to how to make their money work for them through investing.
You started your business to create freedom, Tony’s book can help you take that freedom to a level you didn’t think was possible through the right investment strategies.