40% of Small Business Owners Say Bookkeeping & Taxes Are The Worst Part of Owning A Small Business

40% of Small Business Owners Say Bookkeeping & Taxes Are The Worst Part of Owning A Small Business

  • Specifically…
    • 47% dislike the financial cost
    • 13% dislike administrative headaches and time
    • 13% dislike the complexity of compliance
    • 10% dislike changing regulations and confusion
    • 8% dislike all the paperwork
    • 8% dislike inequity of the tax code

    In terms of the time spent on taxes, payroll, working with accountants and obligations:

    • 40% Spend 80+ hours/year
    • 18% spend 41-80 hours/year
    • 15% of small business owners spend 21-40 hours/year
    • 28% Spend <21 hours/year

    In addition to time, there’s of course a monetary expense for these activities.

    For small business owners, the annual costs of administration of taxes, internal costs, legal fees, etc. can be high.

    • 23% of small business owners spend $1,000 or less
    • 31% Spend $1,000 to $5,000
    • 18% Spend $5,000 to $10,000
    • 12% Spend $10,000 to $20,000
    • 16% Spend $20,000 or more

    Monthly payroll time and spending adds up, too.

    Business payroll costs can be less than $50 per month and exceed $5,000 per month. Here’s the breakdown:

    • 8% < $50
    • 15% $51-$100
    • 46% $101-$500
    • 14% $501-$1000
    • 12% $1,001-$5,000
    • 5% $5,000+

    In terms of the monthly time spent by those that do payroll in-house:

    • 21% of small business owners spend no time at all
    • 26% spend 1 – 2 hours/month
    • 26% spend 3 – 5 hours/month
    • 17% spend 6 – 10 hours/month
    • 11% spend 10+ hours/month

Imagine what you would do if you had the right support for your account management issues? Someone that is proactive in handling all the details and someone who can help you track your goals?  WE ARE THE ANSWER YOU NEED!

For the complete report visit Score.org

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