Two of the most common business processes you will find yourself managing (if not obsessing over) in your accounting system are accounts payable and accounts receivable.

Budgeting and forecasting are accounting and finance processes helpful for setting goals and measuring a company’s growth. Although the terms are often used interchangeably, they have some differences to be aware of.

Business is great: you’re growing, generating profits, and hiring more employees. You’re establishing a finance and accounting department to manage your forecasting, budgeting, and month-end close. But you still have a critical decision to make — which accounting method to use?