Want to ensure your books are as accurate as possible? You should be using the double-entry bookkeeping system. With this method, each of your financial transactions is recorded twice: once as a credit and once as a debit.
Of course, that’s a pretty simple definition for a hard-to-grasp concept (especially if, like most of us, you didn’t study accounting in college). Here’s a deeper dive into what double-entry accounting looks like, how it works, and what benefits it offers small-business owners compared to the less complicated, less accurate single-entry bookkeeping system.