Comment by coliveira
6 hours ago
If you're running a business, double entry BK is essential. If you're doing personal finances it is completely overkill. I think the perfect tool is just excel or any similar spreadsheet, and track what matters for you. I usually add numbers weekly to my spreadsheet.
Double-entry bookkeeping is a transformational way of thinking about money. There's a reason it took over the world. Even if I just tracked expenses in a spreadsheet, it would help that I know double-entry.
The concept of DE BK is simple, yet powerful. The difficult part is to track every penny. For personal finances that doesn't make much sense, but for a business it's essential.