A subcommittee of the House of Representatives’ Committee on Small Business held a hearing today to discuss the value of using the cash basis of accounting in small businesses, and whether they should be required to use the accrual basis.
Witnesses at the hearing, “Cash Accounting: A Simpler Method for Small Firms?” which was held by the Subcommittee on Economic Growth, Tax and Capital Access, were unanimous in suggesting that cash accounting is far easier for small businesses to use, and that at the very least they ought to have the latitude to choose the most appropriate method for their company.
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