Survey Suggests Hispanic Small Business Owners Stand to Benefit from Accounting SoftwareSolutions

Providing the only bilingual English-Spanish accounting software in the U.S. market, Sage’s Simply Accounting business recently released the findings of a recent survey among small and midsized Hispanic businesses in the U.S. The survey covered the areas of business management activities carried out by Hispanic businesses and assessed the owners’ level of financial literacy, comfort level with financial management and compliance with government requirements.

The survey showed that one-fifth of the small business owners admitted they were unable to determine the most important cost to control within their business. This was surprising considering that small businesses tend to approach things hands on and personally with 51 percent taking care of the accounting, 54 percent handling payroll, 72 percent invoicing clients and paying bills and 52 percent keeping track of inventory.

In addition, most participants believed they need more knowledge about managing certain aspects of the business. In fact, 75 percent feel they need to know more about tax payments, 43 percent said invoicing, 50 percent needed more knowledge on payroll and 71 percent said financial planning.

Hispanic business owner’s main concerns were income tax compliance (37 percent), dealing with tax compliance activities (33 percent) and they would rather devote their time and focus on the customers (83 percent).

Sage Simply Accounting vice president, Jamie Sutherland shared in a statement that although the number of Hispanic small and midsized businesses in the U.S. is growing at a rate at two or three times faster than the national average, the survey suggests that many of these Hispanic business owners believe they could still benefit from increasing their financial literacy, which would help them to better understand and manage their business costs and expenses.