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Single-entry bookkeeping is a simplistic accounting method that only records one entry for each transaction. This makes it suitable for small businesses with low transaction volume and complexity.
In single-entry bookkeeping, only one aspect of the transaction is recorded, either the incoming or outgoing amount. Each entry in the single-entry bookkeeping system, which may represent cash, taxes, revenues, expenses, etc., only affects one ledger account. This system is less comprehensive and provides less financial insight than double-entry bookkeeping, which records two entries for each transaction (a debit and a credit). Single-entry bookkeeping's simplicity can be an advantage for small startups but may become inadequate as your company grows and transactions become more complex.
Pilot provides bookkeeping, CFO, and tax services for literally thousands of startups and growing businesses. We've successfully processed over 10 million transactions for our customers and have unparalleled expertise when it comes to helping businesses succeed.
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