There are a few key differences between single-entry and double-entry bookkeeping, one of the most important of which is the fact that single-entry bookkeeping is easier to maintain and less complex compared to double-entry bookkeeping.
For this reason, single-entry bookkeeping is usually more suitable for small businesses that have simple transactions, whereas double-entry bookkeeping requires a major understanding of accounting principles and is usually more suitable for large businesses with very high transaction volume.
The technical difference, of course, is the fact that record keeping in single-entry bookkeeping is done as a single entry in a journal or a log. However, in double-entry bookkeeping, a Bookkeeper Brighton will record a transaction as two entries: debit and credit, leading to more balanced accounts.
Professionals such as MM Bookkeeping Ltd will usually point out that single-entry is more limited and does not provide as complete and accurate a picture as double-entry.
