Types of Bookkeeping: Single Entry vs Double Entry

bookkeeping systems

As a result, each recorded transaction affects at least two accounts. The Double-Entry Bookkeeping System is the traditional method of record-keeping used by the vast majority of businesses, bookkeepers, and accountants. If you’re growing, outsourced bookkeeping services should be able to help you scale by adding full service accounting when you are ready for it. All your business transactions pass through the Cash account, which is so important that often bookkeepers actually use two journals, Cash Receipts, and Cash Disbursements, to track the activity. This is a bookkeeping system where revenue and expenses are recorded in the cash books only when a payment is received or an expense has been made.


This is when you’ll need …