Single-Entry vs Double-Entry Bookkeeping: Key Differences & Which Fits Your Business
Single-entry bookkeeping records each transaction once—cash in, cash out—like a personal checkbook. Double-entry bookkeeping logs every transaction twice, once as a debit and once as a credit, ensuring the books always balance at zero. Owners often “upgrade” to double-entry after tax-time surprises, yet still treat it like single-entry and wonder why the profit line looks…