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.

About the Author(s)

Bridget Weston Pollack

Bridget Weston Pollack is the Vice President of Marketing & Communications at the SCORE Association.

Vice President of Marketing & Communications, SCORE

Key Topics

small business accouting and taxes