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Content of this unit
Step 7: Choose your accounting system
Small businesses run most effectively when there are systems in place. One of the most important systems for a small business is an accounting system.

Your accounting system is necessary in order to create and manage your budget, set your rates and prices, conduct business with others, and file your taxes. You can set up your accounting system yourself or hire an accountant to take away some of the guesswork.
5.1 Setting up your micro enterprise
5.1.1 Step 1: Do your research 5.1.2 Step 2: Write your business plan 5.1.3 Step 3: Plan your finances 5.1.4 Step 4: Choose a business structure 5.1.5 Step 5: Pick and register your business name 5.1.6 Step 6: Get licenses and permits 5.1.7 Step 7: Choose your accounting system 5.1.8 Step 8: Set up your business location 5.1.9 Step 9: Get Your Team Ready 5.1.10 Step 10: Promote your small business
5.2 Skills for setting up a micro enterprise
5.2.1 Project management 5.2.2 Finance and accountancy 5.2.3 Leadership 5.2.4 Presenting and communication 5.2.5 Delegation and managing people 5.2.6 Sales and marketing
5.3 The cost and risks of setting up a micro enterprise
5.3.1 Product or service risk 5.3.2 Market risk 5.3.3 Financial risk 5.3.4 Health and safety risk 5.3.5 Poor management risk
5.4 Educational film
5.5 Additional resources
5.6 References