By DeVry University
October 16, 2023
9 min read
October 16, 2023
9 min read
Small businesses have been described as the backbone of the American economy. Driven by a group of creative and diverse risk-taking entrepreneurs, small businesses of all kinds fuel our economy and add flavor to our communities.
According to reporting by Forbes, 99.9% of businesses across the United States are small businesses, which means they meet various criteria for establishment size, sales and revenue and industry sector. You may be surprised to know there are 33.2 million small businesses across the United States, and that nearly half of all U.S. employees are employed by a small business.
These facts reveal the important contribution small businesses make to our economy. One of the most important steps you as an entrepreneur can take is to set up a robust small business accounting system to ensure a solid foundation for your growing business.
In this article, we’ll outline how to do accounting for small business, defining some of the common terms and tasks you’ll encounter, and discuss when you may want to look for professional help with your books.
1Program, course, and extended classroom availability vary by location. In site-based programs, students will be required to take a substantial amount of coursework online to complete their program.
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