What is Single-Entry Accounting?

Single-entry accounting is a simple and straightforward method of keeping track of financial transactions for small businesses, including those in the construction industry. In single-entry accounting, each financial transaction is recorded only once, with the basic information such as the amount of money involved, the date of the transaction, and the parties involved. This method is commonly used by small construction firms that have limited resources and do not require complex financial reporting.In the context of construction, single-entry accounting can be an efficient way to manage the financial aspects of a project. Contractors can easily track expenses related to materials, labor, equipment, and other costs associated with a construction project. By maintaining a single-entry accounting system, construction companies can have a clear understanding of their cash flow, profitability,