Single-Entry Bookkeeping 

Single-Entry Bookkeeping is a basic accounting method where each financial transaction is recorded once, as either income or expense, typically in a cash book or journal. 

Unlike double-entry bookkeeping, which records each transaction in at least two accounts (debit and credit), single-entry systems only track cash inflows and outflows, making it simpler but less comprehensive. 

Best suited for: 

• Sole proprietors 

• Freelancers 

• Small businesses with uncomplicated financial structures 

However, single-entry systems do not track assets, liabilities, or equity systematically, which limits their usefulness for generating full financial statements or detecting errors.