SAP Concur Explains the Difference Between Accrued and Accrual Accounting

SAP Concur published an article explaining the difference between 'accrued' and 'accrual' in accounting. Accrued refers to expenses or revenues incurred but not yet recorded, such as wages payable, utilities payable and interest payable. Accrual is an accounting method that recognizes money spent and earned when it happens, using the matching principle to record related revenues and expenses in the same period. The article says accrual accounting is preferred under GAAP but involves more work and higher error risk, and describes how SAP Concur solutions automate travel and expense and invoice management.