Single-Entry Accounting is a simple bookkeeping method that records financial transactions in a single ledger. This system primarily tracks cash inflows and outflows, making it easy for small businesses or individuals to manage their finances without complex accounting software. Each transaction is noted only once, either as income or expense. This method is less comprehensive than Double-Entry Accounting, which records each transaction in two accounts. While Single-Entry Accounting is straightforward and user-friendly, it may not provide a complete picture of financial health, making it less suitable for larger businesses that require detailed financial reporting.