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How Small Businesses REALLY spend their money

How Small Businesses Are Spending Their Money Data aggregated from 12,072 small businesses, April-June 2012 $2,245 is the average monthly expense total tracked per business 19% General Retail 2% Insurance 12% Meals/Entertainment 2% Telecommuntications 11% Auto/Fuel 1% Medical/Health 5% Groceries 1% Postage /Shipping 3% Computer/Internet 1% Professional Fees 3% Office Supplies 1% Promotional /Advertising 3% Travel/Transport O 1% Utilites 2% Bank/ATM 34% Uncategorized (includes rent, taxes, etc.) Top 3 single expenses grew 41% Top 5 industries represented Q1: Lowest month Q2: Highest month $384.37 $400.00 $212.58 16.61% $350.00 2 9.95% $300.00 $175.20 3 9.64% $250.00 $200.00 8.95% S140.58 $150.00 S102.93 $100.00 8.62% $43.75 Professional Service Real Technology Estate $8.2 Retail / $50.00 s105.24 Advertising/ E-Commerce Marketing - Every dollar counts: Small business owners should evaluate providers for these services periodically. - Automatic payments save time, but don't lose track of signìfičant cost variations. - Most businesses in the sample have 1-5 employees, with a lot of solopreneurs. - Profession IT, Financial and Legal. Services include Accounting, Consulting, 50% of expense receipts are generated "on the go" Small Businesses would rather use the U.S. Postal Service than their computer or mobile phone HOTEL !! %3D 70.7% US Mail 15.6% Smart Phone In case of an IRS audit, receipts are essential to document the "business purpose" of the expense. 13.7%. Computer - When it comes to digitizing paper, small business owners prefer to let someone else do the - It is important to have a system that captures these receipts "on the go", before they are lost (along with the tax deduction). work for them. - Still, almost 30% used their smartphone, scanners, or other methods to do it themselves. Methodology: April 2012 - June 2012 expense data aggregated from 12,072 randomly selected business accounts in, a service that allows small businesses to track their expenses. Small business owners submit receipts electronically or through the mail, where the data is extracted and verified, and expenses are automatically categorized based on vendor. Categories represent most common small business tax deduction categories in the United States. © copyright Shoeboxed, inc. 2012 E" O0000000

How Small Businesses REALLY spend their money

shared by ragg41 on Sep 12
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New Shoeboxed infographic shows aggregated expense data from over 12,000 small businesses - with some surprising insights.




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