Why do restaurants have such a high failure rate? One of them is simple - they cannot afford to pay for proper accounting and financial guidance. Sometimes even when they can get it they don't know what to do with it. In all fairness have you ever seen a CPA cut a piece of tuna or make a pasta sauce?

One of the more common questions I receive in small business/start-up land is what are the differences between cash and accrual basis accounting – and which one should my business be practicing?