For years, people have counted out microbusinesses, saying they are too small to succeed and envisioning them getting crushed by the heavy hitters like Walmart. But, in reality, they’ve done quite the opposite, exploding onto the U.S. economy and making a positive impact on society.
In fact, according to a 2015 report by the Association for Enterprise Opportunity, the trade association for U.S. microbusiness development organizations, there were 25.5 million microbusinesses in the United States, employing 31 million people, which accounts for nearly 90 percent of all U.S. businesses.
Microbusinesses typically have revenue of less than $5 million, fewer than five employees, and are independently owned and operated. They include extremely popular services such as Uber and Airbnbs, as well as freelancers, consultants, musicians, mom and pop stores, boutique shops, a sports trading card company selling on eBay, and much more. They offer the flexibility, equality and opportunity that many big businesses don’t, while also providing much more individualized customer service and quality by focusing on a certain niche that enables them to be marketable, enjoy less competition, and take advantage of their knowledge and skillset.
However, microbusinesses have the same compliance and tax needs just like other businesses. They need 1099 reporting, audit preparation, payroll tax compliance, employee expense reporting and so much more. However, unlike larger companies, any economic hit from tax or compliance complications can spell their doom.
At Sound Business Services (SBS), we can help microbusiness clients with many bookkeeping and compliance issues. Many of our clients are microbusinesses, so we know your pain points and can provide you powerful solutions to take your business to the next level. This includes helping you understand your cash flow and turning data into actionable results, diving into the amazing technology of the cloud and QuickBooks Online, and finding the apps that you need to succeed.
We also know that as a microbusiness, you may require some flexibility and attention. SBS gives all their clients the same attention they need and deserve – there are no big or small fish! We have plans that even a microbusiness can afford, and we can grow with you as you grow.
Contact us today with any questions about your microbusiness, or to get the ball rolling. We are always here to help!