We've created this Basic Accounting Terms series to help you understand the fundamentals of accounting. Whether you handle the accounting yourself or have delegated it to an in-house or outsourced accountant, you'll find these posts useful as you review the financial health of your company with your accountant.
Money is constantly flowing in and out of your business. How do you know when you should recognize or account for revenue? Is it during production? When you receive any form of payment? What if your clients make installments? When do you start recognizing and recording the incoming money as revenue?