The vast majority of small business owners love the flexibility self-employment provides, but they also despise the bookkeeping work that comes with it.
A recent survey from TD Bank found that of 508 owners questioned, 95 percent of the respondents love the feeling of flexibility and control that comes with owning a business. In fact, freedom is the reason that almost half of the individuals questioned started their own businesses in the first place. Another thing that small business owners love is 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. A lot 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 that are going 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 up a financial services expert to help you out with your accounting, because you're not the only one out there struggling with it. Bookkeeping isn't always the most colorful task, and that 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.
Despite the fact that bookkeeping and banking is 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're going to need financial tips, and you'd rather toothbrush-shine the bathroom than go over your financial plan, it may be time to call in the experts.