WASHINGTON, Jan. 28, 2015 /PRNewswire-USNewswire/ -- SCORE, – www.score.org - mentors to America's small businesses, has gathered statistics concerning how much time and money small businesses spend each year on accounting and tax preparation and each month on payroll administration. Owners were also surveyed on their opinions of the most burdensome small business management tasks.

Significant Time and Money Spent on Tax Preparation

According to data presented visually in the infographic, the majority of small business owners spend more than 41 hours on tax preparation each year. The breakdown of responses reveals that of the small business owners surveyed,

40% spend 80+ hours/year
18% spend 41-80 hours/year
15% spend 21-40 hours/year
28% Spend <21 hours/year

The annual monetary costs of the administration of taxes, internal costs, legal fees, etc. can be substantial as well, with the majority spending at least $1,000. Of the small business owners surveyed,

23% 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