Basic Accounting Double Entry is a system of guiding principles that support the maintenance of accurate financial records. It involves recording each transaction twice – once as a debit and once as a credit – in order to ensure an equal balance between assets and liabilities. This concept is essential for keeping detailed records of all transactions, so that you can easily track business expenses and manage cash flow. By properly implementing and adhering to the double-entry accounting method, businesses can ensure their financial information is both accurate and secure – providing peace of mind in an increasingly complex economic landscape.