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How Do Small Business Owners Handle Their Close-out Processes?
December 1998 — Most small business owners realize the importance of closing out the year on a strong note.
According to the While 42 percent of the respondents indicated that accountants review their records and books before closing, a significant number of small business owners (33%), however, noted that they review their own records before the year-end close. An additional 25 percent solicited the help of a family member. Respondents were split on how they rated the year-end close-out process. While 30 percent found the process easy, another 30 percent found it moderately difficult, and 30 percent found the process complicated. Only seven percent of small business owners rated the close-out process as impossible. The vast majority of respondents (69%) said they were able to measure their business' profitability from year to year. When asked how often they review their business' profitability, 15 percent said on a weekly basis, and 23 percent indicated a monthly review process. The majority (30%) of respondents, however, prefer reviewing their business' profitability on a quarterly basis and 15 percent said they perform this exercise at the end of the year. The remaining respondents (15%) indicated that they never review their business' profitability.
Click here to view the results of previous surveys.
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