Small businesses rely on a variety of resources to manage their finances, including software and both in-house and outsourced staff. Clutch surveyed small businesses to better understand their accounting challenges and choices. The data reveals that small businesses may not be seeking out the resources they need.
25 percent of small businesses still record their finances on paper, according to a new survey from B2B research firm Clutch. This exposes their accounting to greater risk of error, damage, and security breaches.
Other data points in the survey include:
- 45% of small businesses employ neither an accountant nor a bookkeeper.
- For 72% of small businesses, 1 person handles both HR and accounting responsibilities, a potentially problematic situation.
- 53% of small businesses use an accounting software to manage their finances.