It is a legal requirement for every business to keep accurate records of its financial transactions. The basic need it to keep track of what the business owes, what the business owns, what its income is and what its outgoings are.   There are lots of inexpensive bookkeeping programmes available designed for non-accounting types, and nowadays most people have some sort of spreadsheet programme which makes it quite straightforward to record money coming in and out of the business.   At its simplest, cash accounting is a system where transactions are only recorded when money is either paid out or [...]