Many small businesses have an overriding goal in the management of their finances Keep it Simple.
Have Your Cake and Eat it Too OK, so you are on the cash basis and now you concerned about using your financial statements for analyzing your business. Don t worry. QuickBooks is able to produce your financial statements, and other reports, using both the accrual and cash basis. Or, which is rare, you can have the employee pay you back. This is considered a Fringe Benefit, and is generally taxable to the employee who enjoys the benefit.