It’s low cost, easy to open and maintain and very popular.
These financial reports are important to understand for the health of your business and should be well understood.
Accrual based accounting means you record your transactions when they are meant to happen, not when the cash comes or goes.
Cash-basis is what most people are familiar with, it is how you handle your personal or household finances.
The distinction is you recognize the income when you record it, not when the deposit hits your bank account.