Advanced accounting software platforms can reconcile between the two methods. As you enter transactions, you can then pull cash-basis or accrual-basis financial reports depending on your needs.

Mikolette / Getty Images Accrual accounting is the preferred approach for companies reporting their financial statements under generally accepted accounting practices (GAAP), which are issued ...

Zoho Books is easier to use than Xero, and offers slightly better accounting tools. Learn more about how the platforms ...