Abstract:
Sales, profits, and market expansion consume the minds of small business entrepreneurs. Bookkeeping and the proper reporting of economic activities is often viewed as a hindrance to the already scarce time of zealous entrepreneurial minds, and as Benjamin Franklin once noted, "time is money." Implementing an accounting system for small entities can seem daunting, perplexing, and even frivolous. As a result, many small business owners pursue a minimalist strategy in choosing a system that reports only necessary information and takes the smallest amount of time. Accounting by nature is meant to provide information to decision makers. The divide between adequate and thorough information is often the divide that separates efficient, successful businesses from bankrupt business. As finance and accounting student at Ball State University, I have had the opportunity to work with a small business, MDTekk, in their startup state and help them implement a time efficient and useful accounting information system. I have been able to work directly with a small business entity in addressing many of the challenges facing small businesses and their mission to materialize a useful system.
