-- Small business owners that have fewer employees or are newer organizations tend to be less financially literate. They are more likely to be located in Quebec and to some extent the Atlantic provinces; -- Two thirds of small business owners surveyed said they have been negatively affected by the recent economic downturn, with 14% calling the negative impact 'dramatic.' Small business owners in Ontario were more likely (18%) to have been dramatically affected. The most positive responses came in Quebec, where 29% of small business owners said they have not been negatively affected and 9% reported growth; -- The most commonly outsourced service today is accounting, as cited by 39% of businesses, while payroll is done in-house by 48% of business owners, and invoicing and billing are performed by 78% of businesses themselves; -- As companies grow in size, they are more likely to delegate financial management tasks to employees. The most commonly delegated task in companies of six or more employees is invoicing and billing (59%), followed by payroll (44%), inventory management (41%) and accounting (33%); -- More than half (51%) of small business owners identified cash flow as one of the two most important aspects of financial management that are crucial to businesses' success. Other important aspects are invoicing and billing (44%), managing costs (36%), financial planning and forecasting (20%), tax payments (16%), inventory management (6%), payroll (4%) and EI/CPP compliance (1%); -- Small business owners rely on diverse sources for advice on managing finances. The most common resource is an accountant or consultant, relied on by 65% of businesses, followed by the Internet (38%), contacts in the same industry (32%), government information (29%), friends and family (24%), books (21%), business or industry association (15%), mentors or former employers (14%), employees (4%) and business education services (4%); -- On the question of compliance with government rules and regulations, business owners were most concerned about taxes, with 38% citing income taxes as their key concern, while 16% cited sales taxes.The survey was conducted from Oct. 2 to Oct. 7, 2009 and the majority of respondents (58%) were the only employee of the business surveyed. Results have a margin of error of plus or minus 4.4%, 19 times out of 20. About Simply Partnership 2009 Simply Accounting is the #1 choice of Canadian small businesses and accountants*, with more than 500,000 registered users in Canada today. The Simply Partnership 2009 conference being held Oct. 23, 2009 in Montreal will offer members of the Sage Accountant's Network (SAN) a special opportunity to exchange ideas and perspectives with Sage insiders, session leaders and industry experts. Participants will learn innovative strategies designed to help small business owners become more productive, profitable and successful. Complete details on this special Sage event are available at www.simplypartnership.com. About Sage North America Sage North America is part of The Sage Group plc, a leading global supplier of business management software and services. Sage North America employs more than 4,100 people and supports nearly 2.9 million small and medium-size business customers. The Sage Group plc, formed in 1981, was floated on the London Stock Exchange in 1989 and now employs 14,500 people and supports 5.8 million customers worldwide. For more information, please visit www.sagenorthamerica.com. *Based on independent surveys of 312 Canadian businesses with 1-99 employees and 482 accountants who work with small business clients, conducted in Canada in Sept 2009. ©2009 Sage Software Canada, Ltd. Sage, the Sage logo, and the Sage product and service names mentioned herein are registered trademarks or trademarks of Sage Software Canada, Ltd. or its affiliated entities. All other trademarks are the property of their respective owners.
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