Survey indicates Sage Simply Accounting customers are less likely to be concerned with government compliance; more financially savvy than the average small business owner
Richmond, BC - Oct 22, 2010 – In a small business survey recently conducted by Sage Canada – a followup to the 2009 Angus Reid-Sage survey on ‘financial literacy’ – results show that 53 per cent of Sage Simply Accounting customers believe that efficient invoicing/billing is one of the aspects of financial management most critical to their businesses’ success. Managing costs (40%) and cash flow (36%) were also cited by respondents as pertinent to the success of their businesses.

“A year after our initial survey, in which nearly a quarter of Canadian businesses were unable to identify the key costs that need to be managed for success, our latest results from amongst Sage customers indicate improvement, with only 16 per cent of respondents admitting the same inability. However, more work is and can always be done,” said Jamie Sutherland, vice president and general manager, Sage Simply Accounting. “While the economic outlook suggests that Canada is on the road to recovery, entrepreneurs continue to seek better control of their operations, as all business decisions can significantly impact their bottom line. At our annual Simply Partnership conference later this week, we’ll be focused on working with and educating our partners on best practices and how our products can best assist their clients in gaining a better understanding of how to manage the overall financial health of their businesses.”

Used by hundreds of thousands of companies in Canada, Sage Simply Accounting’s customers represent a broad range of business types. The 27-question Small Business Survey, conducted in September and October 2010, was designed to examine the financial state of Canadian small businesses by focusing on their level of ‘financial literacy’ and assessed Sage Simply Accounting customers’ comfort level with financial management and how they manage their finances, obtain financial information and manage their businesses in compliance with government requirements. 

The survey found that small business owners keep up with regulatory changes in numerous ways. The most popular sources of information on changes are professional services such as an accountant (69%) and government website (37%). However, Sage Simply Accounting customers are more likely to rely on their accounting software to keep up with regulatory changes (30%) in comparison to the average business owner (17%). To the question regarding compliance with government rules and regulations, Sage Simply Accounting customers also indicated that they are less likely to be concerned with sales tax (14%) and income tax (17%) compliance than...