Running a cash-only business means you strictly accept cash payments and pay in cash, leaving out a credit card and electronic payments. Although it might seem like a way to cut back on time and eliminate credit card fees, cash businesses can quickly come under IRS scrutiny for underreporting income and taxes.
Rachel Blakely-Gray is a content writer at Patriot Software, LLC. She provides accounting, payroll, and small business tips in her writings. Patriot Software offers affordable accounting and payroll software for small businesses.