Small business owners can’t do it all themselves, and many take advantage of professionals to help them with HR, legal, and financial/tax guidance. But just how valuable are they to those that use them? 

The Journal of Accountancy reported the results of a recent survey by Wasp Barcode Technologies (a maker of asset, inventory, time, and attendance hardware and software) ranking the importance of professional services to small business owners.

The survey resulted in 393 responses from small business leaders, and accountants were ranked in importance ahead of attorneys, bankers, insurance agents, technology firms, and staffing services.

Respondents said the top accounting challenges they face are: 

  • Accounts receivable/collections (51%)
  • Cash flow (44%)
  • Managing paperwork (33%)
  • Closing the books each month (28%)
  • Managing payroll (27%)

We’re not going to get the big head over here, but it’s good to see small business owners are seeing such high value from our services!