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
- 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.