SCORE

This month’s SCORE Infographic takes a closer look at small businesses accounting and taxes. Small business owners spend a lot of time and money on taxes and accounting. Is this a burden for entrepreneurs? Get the facts on today's tax preparation and accounting trends in this SCORE Infographic.

Small business owners thoughts on bookkeeping & taxes

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

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

Download this month’s SCORE Infographic for the full picture on all these stats.