Accounting Practices of Micro, Small and Medium Enterprises (MSMEs) in the Tirunelveli Municipal Corporation of Tamilnadu

Abstract :

Micro, Small and Medium Enterprises (MSMEs) have a crucial role to play because of their potential contributions to:
improvement of income circulation, employment creation, poverty reduction and the export growth and development
of entrepreneurship, industry and rural economy. The MSMEs have been promoting grassroot economic growth and
equitable sustainable development is significant. Every business needs to keep track of basic accounting. For MSMEs, it becomes all the more
important. Accounting gives us the financial snapshot of the enterprises in order to make decisions about the current status or projected future
health of the enterprises. However, the applications of these techniques are limited in MSMEs in India. There is a wide gap between theory of
accounting and the actual practices by the MSMEs. The importance of maintaining proper books of accounts and sound accounting practices
has been emphasized in ensuring proper financial management in MSMEs. Against this backdrop, the present paper attempts to investigate the
accounting practices followed by MSMEs in the Tirunelveli Municipal Corporation through data based on responses to a structured interview
schedule.

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