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

January 30, 2011 by

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.