025 - Cash vs. Accrual Accounting
You don’t have to become an accountant to run your business well, and in fact, you shouldn’t. However, you do need to understand the difference between cash-basis books and accrual basis books. Listen to learn the difference.
Show Notes
Cash books do NOT refer to jobs you do for cash on the side and never record. (0:36)
What are cash basis books? (0:52)
What are accrual basis books? (1:09)
Why you MUST keep accrual basis books. (1:18)
What if your accountant says you’re “on the cash basis” for taxes? (2:55