What Are The Disadvantages Of Double Entry System In Bookkeeping?
* Double entry bookkeeping is harder to understand (worryingly, 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 are doing, but plough through anyway, things can get a bit messy when trying to correct errors with journals. (How messy partly depends on whether you have a manual or computerised system and if the latter, which package you are using. But I digress…) * It is a bit more time-consuming, not least because by it’s very definition, every transaction is entered twice.
