Single Entry Bookkeeping is a simple accounting method that records financial transactions in a single ledger. This system typically tracks cash inflows and outflows, making it easy for small businesses or individuals to monitor their finances without complex accounting software. In this method, each transaction is recorded only once, either as an income or an expense. While it is straightforward and less time-consuming, Single Entry Bookkeeping may not provide a complete picture of a business's financial health, making it less suitable for larger organizations that require detailed financial reporting.