Every year small businesses are faced with challenges in taxes, accounting, and outsourcing financial services.
Wasp Barcode Technologies surveyed 393 small business leaders to create the
Small Business Accounting Report to share the thoughts of small business owners. Findings are collected across a variety of industries including nonprofit, retail, agriculture, banking/financial, education, energy, healthcare, hospitality, service providers, IT and professional services, manufacturing, military and warehouse.
Wasp’s goal in conducting the survey was to continue to deliver crucial data, such as the
Small Business Report, to small business owners so they can make more informed business decisions. This free report provides metrics to give a better understanding of the small business accounting landscape.
Here is a quick look at what we learned about accounting challenges, staffing, and managing physical assets:
- 74% don’t understand how ghost assets impact their books and inflate taxes, insurance or money owed
- Only 17% of small businesses use an asset management system that allows auditing
- Accountants ranked among the top professionals in order of importance to small businesses; and, 88% of small businesses are very or somewhat satisfied with their accountants
- Small businesses report their top accounting challenges are:
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- Accounts receivable/collections
- Cash flow, managing paperwork
- Closing the books each month
- Managing payroll
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- 71% of small business outsource at least one accounting function
Every year small businesses are faced with challenges in taxes, accounting, and outsourcing financial services. 