Small business accounting report from a survey of 393 small businesses

SMALL BUSINESS REPORT Accounting

Small businesses answer to their most pressing accounting issues.

Small Business Report – Accounting

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 a Small Business Accounting Report to share the thoughts of small business owners.

Wasp’s goal in conducting the survey was to continue to bring crucial data, such as the Small Business Report, to small business owners so they can make more informed business decisions. This free report provides data to give a better understanding of the small business accounting landscape.

Who participated in the #SMBReport - Accounting?

393

respondents

99%

Headquartered in North America

Company Size by Employees
11 -50
51 -100
101- 499

Job Titles Represented

Business Owner: 43%

Excutive/C-Level/Senior Manager: 57%

 

Involved in Decision Making

Industries Represented

Agriculture
2%

Construction
6%

Education
8%

Energy
1%

Financial
4%

Government
1%

Healthcare
17%

Hospitality
8%

IT
11%

Manufacturing
9%

Non-Profit
10%

Other
13%

Retail
6%

Repair Services
1%

Warehousing
3%

Do you feel you pay too much in taxes?

feel they pay too much in taxes,
or are undecided

Do you feel your accountant could do more to reduce your taxes?

of SMBs don't blame accountants for the tax amount they pay

Percent of companies that outsource these accounting services

71% TAX PREPARATION 50% PAYROLL 48% AUDIT 30% TAX PLANNING 16% PERSONAL FINANCES 14% BOOKKEEPING

Ranked professionals in order of importance to your business

How satisfied are you with your accountant's services?

Top complaints about accountants

Highest full-time accounting position at your company

How many have CFO or Controller 25% Company Size 11-25 Employees 46% Company Size 26-50 Employees 64% Company Size 51-100 Employees

Owner's general knowledge of accounting/finance

Top accounting challenges facing your business

What do you currently use to track your company's physical assets?

Only 17% use an asset management system that allows auditing

Do you understand how ghost assets affect accounting books/taxes?

A ghost asset is a fixed asset in a general ledger (GL) that cannot be accounted for because it is physically missing or otherwise rendered unusable. This asset is still counting towards the companies tax and insurance liability.

To identify and eliminate ghost assets effectively, a company must physically inventory fixed assets on a regular schedule.


74%

Don't understand how ghost assets impact their books.

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Small business report concluded from a survey of more than 1,000 small businesses. Small business report covers expected revenue growth, staffing & hiring, confidence in the economy, & IT spending trends in 2015

© Wasp Barcode, 2015. All rights Reserved.

Small Business Report - Accounting concluded from a survey of 393 small businesses. Small Business Report - Accounting covers these business' most pressing accounting issues.