2 Crucial Bookkeeping Methods- making bookkeeping simpler without sacrificing accuracy

As a small business owner, you can choose between two primary bookkeeping methods:

• Single-Entry Bookkeeping:
  This is the simpler of the two methods and is often used by small businesses with relatively few transactions. In single-entry bookkeeping, each transaction is recorded once, similar to a checkbook. It’s easy to manage but can become problematic as your business grows or if you have complex financial activity.

Double-Entry Bookkeeping:
This method records each transaction twice—once as a debit and once as a credit. It’s more comprehensive and accurate, ensuring that your books are always balanced. Double-entry bookkeeping is ideal for growing businesses and ensures greater accuracy and transparency.

HB Bookkeeping & Consulting LLC employs double-entry accounting using QuickBooks accounting software.