Single vs Double Entry Accounting Explained for Beginners

If you have started a business, you need to decide whether to use single entry or double entry accounting for your bookkeeping. This video goes through the advantages and disadvantages of each system to help you decide.

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Timestamps:
00:00 Single vs Double Entry Accounting Explained for Beginners
00:09 Single entry vs double entry accounting
00:31 What is single entry accounting?
00:57 Basics of single entry accounting
01:41 Single entry accounting explained
03:28 What is double entry accounting?
03:40 Basics of double entry accounting
04:36 Advantages of single entry accounting
04:48 Disadvantages of single entry accounting
05:15 Advantages of double entry accounting
05:42 Disadvantages of double entry accounting

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Please note that Bullseyemoney is not a financial or tax adviser. Our videos are here to inform you and the information provided does not constitute financial, taxation, legal, business or other professional advice and should not be relied upon as such. Bullseyemoney is not liable or responsible for any financial, tax, legal, business or other decisions you make. If you are looking for advice, you should seek a suitable and qualified adviser.