Double entry bookkeeping is a process in which each transaction is recorded in two accounts: debit account and credit account. This method shows a clearer image of the financial health of the business and helps to identify the errors in your bookkeeping services in Denver. Accrual accounting is counted as one of the most important methods of accounting. This method records financial transactions when they occur rather than when cash exchanges hands. Accrual accounting provides a more accurate image of the financial health of a business, as it includes all the financial transactions of the given period. This method is beneficial for businesses with inventory or accounts payable and receivable.