Micro business

Typical situation

Micro businesses are typified by the owner being the main driver and operator of the business – it would not exist without that person.

Typically many of the key roles are carried out by the owner, including the bookkeeping. One sign of the success of such a business and the means to achieve it, is for the owner to be able to shed that role but be able to use the reslts from it to help sterr the business.

Options for the bookkeeping/accounting for a micro business are:

  • Do-it-yourself
  • Use an Accountant
  • Stretch the finances to using a bookkeeper, either in-house or outsourced

In any of those instances they may or may not involve using software as part of the bookkeeping/accounting process.

Ideal situation

Even the smallest business should be using financial information to help run the business and measure against goals and targets. This is best achieved by automating processes where possible and this works best through the use of software. Options are:

In-house

On-line

Follow the link for a list of online accounting software providers

Outsource

  • Dependent on what is used by the outsourced service provider
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