Single entry bookkeeping can used by small businesses where a balance sheet is not required for financial control or tax purposes. Double entry bookkeeping is required for all businesses that must produce both a profit and loss account and a balance sheet.
To decide if a single entry or double entry system would be best for your business…consider the type of business you own. A small sole proprietorship or home-based business may not require a double entry system for recording business transactions.
However, if you have quite a few accounts receivable (money owed to your business by your customers) or accounts payable (money owed by your business), you may want to consider utilizing a double entry system. Most small business owners do not usually start right out with a double entry system. It is easier for them to use a single entry method which is kind of like your check register. You just add the money coming in and subtract the money going out and keep a running balance.
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