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Small business accounting report offers insight into taxes, tax preparation, and outsourced accounting services

52 percent of small business owners feel they pay too much in taxes and 70 percent outsource tax preparation.

(PLANO, Texas- March 11th, 2015) - Wasp Barcode Technologies, a leading provider of small business productivity systems, today announces the launch of its Small Business Accounting Report. .

The report found that 52 percent of small businesses feel they pay too much in taxes or are undecided. With more than 2.2 million small businesses (with five employees or more) about to file and pay their share of the $3.3 trillion in taxes, this tax season is top of mind.

Despite their feelings about high taxes, 88 percent of small business leaders report being happy with their accountants, and 62 percent feel there is nothing else their accountant can do to reduce their tax liability. The report also reveals that small businesses consider accountants to be the most important professional their business employs (over attorneys, insurance agents and staffing services).

The Small Business Accounting Report breaks down survey responses from nearly 400 small business owners and leaders covering a variety of topics, including taxes, accounting services, and top accounting challenges facing small businesses.

"Higher taxes constrict growth taking away valuable working capital," said Marc Mattox, Director at Katydid.com. "The government could offer far more deductions for small companies that are hiring, helping drive economic growth, said Mattox."

"Preparing for tax season can be an extremely stressful time of the year for small businesses, but by utilizing the services of an accountant and a qualified financial planner you can make sure you stay current with new compliance regulations and maximize tax deductions to lower your overall tax burden, said Eugene Weinstein MBA, CFP® Certified Financial Planner™ Practitioner at Ameriprise Financial. "High taxes and dealing with regulatory compliance can cripple most small businesses."

Key Findings:

  • 52 percent of respondents report that they pay too much on taxes are they are not sure
  • 70 percent of small businesses outsource tax preparation, and 30% outsource tax planning
  • 88 percent say they are either very satisfied or somewhat satisfied with their accounting services
  • 61 percent feel there is nothing else their accountant could do to reduce their taxes

To view the full Small Business Accounting Report, please visit www.waspbarcode.com/small-business-report-accounting.

About Wasp Barcode Technologies:
Wasp Barcode Technologies provides data capture and tracking systems designed specifically for small businesses. Solutions include: inventory control, asset tracking, time & attendance, and point of sale (POS); as well as the supporting mobile computers, barcode scanners, and barcode printers utilized to automate operations. Wasp products help small businesses achieve efficiency through cost-effective solutions designed to increase profitability. Learn more at www.waspbarcode.com or call 866-547-WASP.

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Press Contact:
Meghan Matheny
BLASTmedia for Wasp Barcode Technologies
Meghan_Matheny@BLASTmedia.com
317.806.1900 Ext. 115

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