Sponsored Content: If your sales are more than $5 million, if you carry an inventory greater than $1 million, or if you’re incorporated, you're using accrual basis accounting -- and you don't have a choice.
Sponsored Content: Speaking from personal experience, I can tell you that there's a lot of hassle in moving up from a sole proprietorship or partnership to the status of a corporation.
Sponsored Content: Many people running successful businesses do their own books, but once your business is established, having someone else handle the details of the books is wise.