Looking to have a more advanced accounting system? Double-entry bookkeeping lets you track how much money you have and what you spend it on.
This method of accounting uses two accounts, one which you debit and one which you credit for every transaction. This allows you to see your pending transactions and debts side by side with all pending and current sources of information. As a result, you have a much clearer picture of your business's profitability and worth.
Growing startups should use double-entry bookkeeping to comply with GAAP, to have a clear picture of your financial health, generate more accurate financial statements, and to more easily detect any errors or fraud.