Accrual-Based Accounting This method records both invoices and bills even if they haven't been paid yet. This is a highly recommended method because it tells the company's financial status based on known incoming and outgoing funds.

Bookkeeping includes everything from basic data entry to tax prep. Let's look at the core jobs and see how they're done. Small businesses can do their own bookkeeping or outsource to professionals. We look at how to find a good balance.