The Happy Accountant

The following may help you to decide which method to use.  However, these are only a guide.
When to use Single Entry accounting

your accounting transaction volume is relatively low
you are willing to pay an accountant to draw up your accounts and/or complete your tax return at the year end
you are using a manual system or a pre-printed accounting [...]

Double entry bookkeeping is harder to understand (worringly, there are fully qualified accountants who don’t “get it”, although they are in a minority - I hope)
It follows, then that, if you don’t already have the accounting know-how, you’ll either have to learn or hire/outsource someone to do it for you.
If you don’t know what you [...]

Double Entry Bookkeeping dates back to Venice, 1494.  As it’s name suggests, it means that every transaction is entered twice into the “books” of a business.  Once as a debit and once as a credit. (How this works in detail will be the subject of a later post)

It provides a specific means of dealing with [...]

Single entry bookkeeping involves recording a transaction once.  For example, if a business’s records involved just recording cash coming in and going out of the company in a cash book, that would be single entry bookkeeping.
The Advantages of Single Entry Bookkeeping are that it’s simple to understand.  It’s quite intuitive to record transactions in that [...]