Bookkeeping

Single-Entry Bookkeeping: Simplifies tracking income and expenses, offering a basic approach ideal for small businesses and sole proprietors.

• Straightforward Recording: Single-entry bookkeeping records each transaction once, usually in a simple format like a cash register or spreadsheet.
• Limited Financial Insight: While easy to maintain, it offers a basic view of financial health, lacking the checks of double-entry bookkeeping.

Double-Entry Bookkeeping: Ensures accuracy by recording each transaction twice, providing comprehensive financial insights essential for business decision-making.

• Comprehensive Financial View: Double-entry bookkeeping records each transaction twice, ensuring accuracy and providing a comprehensive view of a company's financial position.

• Balanced Equation and Transparency: Transactions affect at least two accounts, ensuring the accounting equation remains balanced and offering greater accuracy and transparency.