Though the achievement of tiny, medium and micro enterprises (SMEs) is exceptionally important for the South African economy, their failure rate is amongst the highest in the globe some researchers estimate as higher as 90 %. Additional studies undertaken in a wide selection of settings by Cheney (1983), Raymond (1985), Malone (1985), DeThomas and Fredenberger (1985), Farhoomand and Hryck (1985), and Nickell and Seado (1986) confirm that accounting/economic management applications dominate as pc applications in the tiny businesses examined.
As economic management practices are directly influenced by firm size, firm growth, tangibility, profit margin, GDP growth and monetary improvement (Yarty, 2011:183), it will differ in practicality among various enterprise types and verticals.
Optimal financial management practices have enabled big enterprises to take expense-efficient responses quickly, in order to counter interruptions in the enterprise atmosphere and to adopt and anticipate financial adjustments affecting organizational targets (Temtime & Pansiri, 2004).
I am conducting a study to examine the general options, financial objectives and constraints and economic management practices amongst SMEs in South Africa, categorize these SMEs accordingly and determine the greatest practice monetary management principles that can lead to sustainability and growth within SMEs in South Africa.
In a survey of 129 smaller manufacturing firms in the province of Quebec, Raymond and Magnenat-Thalmann (1982) found a preponderance of accounting-related applications among laptop application in use, especially in the places of accounts receivable, payroll, accounts payable, common ledger, sales evaluation, and inventory.