Most small business owners love the flexibility self-employment provides but also despise the bookkeeping work that comes with it.
A recent survey from TD Bank found that of the 508 owners questioned, 95 percent love the flexibility and control of owning a business. Freedom is why almost half of the individuals questioned started their businesses. Small business owners also love speaking with customers. The survey concluded that more than half of business owners, 68 percent, enjoy their dealings with consumers.
“We conducted this survey because we feel it’s invaluable to understand our small business customers. Many of them become entrepreneurs so they can be their own boss, control their work hours, and find that perfect work-life balance,” said Jay DesMarteau, head of small business at the bank. “Knowing that better enables us to provide them with the products and services to help them best manage their finances.”
What Small Business Owners Hate the Most
However, owning a business isn’t all fun, and the respondents indicated that when revealing what they hate about their jobs—bookkeeping. If you’re a small business owner, don’t be afraid to call a financial services expert to help you with your accounting; you’re not the only one struggling. Bookkeeping isn’t always the most colorful task, which shows in the small business owners’ indication that it is collectively their least favorite thing about ownership.
Bookkeeping was revealed to be the least favorite responsibility of 46 percent of the survey’s respondents. The second most-hated task was banking and dealing with finances, which 22 percent noted despising. The small business owners indicated that the most helpful thing a financial services firm could help them with is the financial plan, which many of them don’t enjoy putting together.
Even though bookkeeping and banking are often one of the least fun responsibilities of ownership, these things are also vital to the survival of any business. That is why if you think you’ll need financial tips and’d rather toothbrush-shine the bathroom than go over your financial plan, it may be time to call in the experts.
Make Your Small Business Run Flexibly With First United Bank & Trust
Come to First United Bank & Trust to help your business gain more options to handle and navigate its finances, even for smaller businesses. To speak with a professional banker today, contact us or find your nearest branch online!