Effective Accounting Practices on Small Business Essay

Effective Accounting Practices on Small Business Essay

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You see the world of business industry, how it operates, the way it goes, and then you would consider walking into that world. Then you took that first step inside the industry and success is what you’d see. So you would wonder how everything turned to be a big thing. Different fields show achievement, may it be a clothing line, Fast Food Chains, even online shopping is on the hit. Then you realize, they are succeeding for a reason. What reason could that be? Hardworking that goes along in following right practices, right Accounting Practices.
Having said its success, the business industry is still growing and growing. As it was know, proprietors or entrepreneurs are the people behind business, they are the so called operators. It is the business to the relationship between customers and entrepreneurs. To where the entrepreneurs exchange productive goods and services for profit, which is out of the resources in the forms of capital, land, land, labour and technology. The business is originally from the word busy or engages that implies market ably feasible and viable, also a money-spinner.
As time passes by, it is as though many businesses got to establish. It maybe a sole proprietors, partnership, corporation and cooperative which are the four introductory forms of business. It also have nine classifications and they are namely, agriculture and mining, financial information, manufacturers, real estate, retailers and distributors, service, transportation, and lastly, utilities.
Many aspiring entrepreneurs are part of that growth. As you stand out your house, businesses are visible everywhere. As you look to your right, you could see small food stalls. Then you turn to your left, it is a new neighbourhood restaurant or “care...

... middle of paper ...

... in, how your market is changing, and on and on. You can't wait an accountant to tell you. Nor do you have to be an accountant. You do have to know enough accounting, however, to figure out which numbers are most important in your particular business, and then you should develop the habit of watching them like a hawk.”

Petty, J. Palich, L. Hoy, F. & Longenecker J. (2012). Managing Small Business An Entrepreneurial Business ( 16th ed.). USA: Erin Joyner
Ayllon, C. (2001). Mind Your Own Business. Philippines: A. Luna Press.
Medina, R. (1996). Entrepreneurship and Small Business Management (1st ed.) . Philippines: Rex Printing Company. Inc.
Maximiano, J (2001). Global Business Ethics For Filipinos In The New Millennium. Philippines: Anvil Publishing Inc.
10 things every entrepreneur needs to know. Retrieved February 25,2014, from http://www.inc.com.html

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