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BizReport : Research archives : April 01, 2015

Survey: For routine accounting, SMBs trust in-house

Small businesses aren't afraid of having an outsider file their taxes each year, but when it comes to day-to-day bookkeeping many say they prefer to have someone in-house do the heavy lifting. That according to a new survey out from Wasp Barcode.

by Kristina Knight

According to Wasp Barcode's 2015 SMB Accounting report about 70% of small businesses are now using tax professionals outside their office to file yearly taxes. However, many continue to use in-house accountants/bookkeepers for day-to-day business. The report also indicates nearly half (44%) feel their accounts are 'more reactive than proactive'.

"Some of the biggest pain points small and mid-size businesses have fall under the financial umbrella," said Alex Price, general manager, Wasp Barcode Technologies. "For example, many business leaders want help third party accountants, but don't believe the firms share the same level of investment compared to an internal employee. This report points out improvements for in-house practices, but also identifies outsourcing opportunities to help SMBs better manage their finances."

Other interesting findings from the report include:

• 33% say managing documents is their biggest tax season issue
• 34% of SMBs surveyed say security is the main reason they haven't converted to online/web based accounting products
• 38% say they've been audited and about three-quarters (74%) of them were 'satisfied' by their representation during the audit

"Business owners want to lean on their accountants for help, but need to be sure there is an equal investment in overall success," said Brian Sutter, director of marketing, Wasp Barcode Technologies.

Nearly half (45%) of those surveyed say they use QuickBooks.

Image via Shutterstock

Tags: small business trends, smb taxes, smb trends, tax tips, Wasp Barcode Technologies

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