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Eight Surprising Stats About Small Businesses and Accounting

stats-about-smb-0415-banner If you’re like many small business owners, accounting and finance can prove to be a challenging part of running your business. That’s why to follow our 2015 State of Small Business Report, we surveyed small business leaders about their accounting needs and challenges. The results were sometimes as surprising as they were telling. Here are eight quick, sharable takeaways from our latest Wasp Barcode Small Business Report – Accounting:
1. 62% of small business leaders surveyed feel that there is nothing else their accountant could do to reduce taxes. http://bit.ly/1NOXoxI [Tweet this stat]
Outsource accounting services2. 70% of small businesses outsource tax preparation. http://bit.ly/1NOXoxI [Tweet this stat]
3. 88% of small businesses say they are either very satisfied or somewhat satisfied with their accounting services. http://bit.ly/1NOXoxI [Tweet this stat]
4. Only 42% of small businesses have a CFO or controller. http://bit.ly/1NOXoxI [Tweet this stat]
5. As many as 1/2 of all small businesses surveyed say they outsource payroll. http://bit.ly/1NOXoxI [Tweet this stat]
6. Only 40% of small business owners feel they are extremely or very knowledgeable about accounting and finance http://bit.ly/1NOXoxI [Tweet this stat]
Track Physical Assets7. Only 17% of companies have an asset management system in place to track physical assets. http://bit.ly/1NOXoxI [Tweet this stat]
8. 47% of small business owners don’t understand how ghost assets impact their books. http://bit.ly/1NOXoxI [Tweet this stat]
Looking for more information about the small business accounting landscape? Make sure to check out our full Small Business Accounting Report.