Learn what are some of the advantages or benefits derived from using Single Entry System

January 30th, 2011 Comments off
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Many consider the disadvantages of having single entry system of accounting, below are some practical points on the merits/benefits of having such “incomplete” system:-

  • Simple to maintain even without any bookkeeping/accounting knowledge
  • Flexible as it can be maintain based on the individual needs or requirements of the owner of the business
  • Economical as it involves minimum cost for preparation and maintenance
  • Just sufficient for small business as there is no legal requirement  to keep elaborate accounts.

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