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

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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