The first decision you must make is the type of accounting method that is right for your business. Accounting methods determine how and when you record your revenue and expenses. The two main types of accounting methods are cash accounting and accrual accounting. Cash accounting is recommended for small businesses. It requires that you record the transactions when you have actually made or received the payments.
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You've got a point there. Since these are only small businesses, you really need to stick to cash basis accounting. Remember, accrual accounting is only possible if you will not offer COD per transaction. In that way, you need to maintain an accounts receivable per customers.
What type of accounting is right for my business?
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