Bookkeeping Services Providers Statistics 2024 – Everything You Need to Know

Are you looking to add Bookkeeping Services Providers to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Bookkeeping Services Providers statistics of 2024.

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How much of an impact will Bookkeeping Services Providers have on your day-to-day? or the day-to-day of your business? Should you invest in Bookkeeping Services Providers? We will answer all your Bookkeeping Services Providers related questions here.

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Best Bookkeeping Services Providers Statistics

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Bookkeeping Services Providers Market Statistics

  • Also, 21% of accountants believe that market demands are driving the cultural shift in accountancy. [0]
  • 83% of accountants agree that investing in the latest technologies and digitalization is necessary to keep up with the market. [0]
  • 83% of accountants believe that to gain a competitive edge in the market, they need to keep up with the pace of technology adoption. [0]
  • The global IT outsourcing market is expected to grow by $98 billion from 2020 to 2024, expanding at a CAGR of 5%. [1]
  • U.S. outsourcing statistics suggest that outsourcing in the financial services market will continue to rise by almost 7.5% annually. [1]
  • The value of the market is projected to increase to $81.5 billion by 2024, rising at a CAGR of 3.51%. [1]
  • Digital marketing tasks follow at 34%, with development and human resources at 28%. [1]
  • Businesses most commonly outsource more technical tasks, including their accounting (37%), IT services (37%), and digital marketing (34%). [2]
  • Small businesses plan to outsource the same types of tasks as in 2018, including accounting (21%), IT services (20%), and digital marketing (20%). [2]
  • The most commonly outsourced business processes in 2019 required specific skills such as accounting (37%), IT services (37%), and digital marketing (34%). [2]
  • According to predictions, the global cloud computing market will grow by $461 billion by the last quarter of 2025. [3]
  • When it comes to the battle of supremacy, cloud adoption enterprise statistics show that AWS is the conqueror with almost 80% of the market share. [3]
  • Second place goes to Azure with a 69% market share. [3]
  • As of 2020, SalesForce was the biggest SaaS Company in the United States at $161.4B market capitalization, according to cloud adoption statistics. [3]

Bookkeeping Services Providers Software Statistics

  • 78% of SMBs will rely exclusively on cloud accounting software by 2020. [0]
  • Large businesses are 41% less likely to buy cloud based accounting software than small businesses. [0]
  • Also, 20.4% of businesses want cloud. [0]
  • On the other hand, 19.7% of businesses want on. [0]
  • 82% of small businesses use some form of accounting software, be it onpremise or cloud. [0]
  • 64.4% of small and midsized businesses in the United States used software to streamline their accounting. [0]
  • Of companies buying accounting software, 37% are first. [0]
  • Of companies upgrading their accounting software, 35% are coming from Intuit QuickBooks. [0]
  • Furthermore, more than 20% of businesses require accounting software that can handle tasks beyond core accounting. [0]
  • Key accounting software purchase motivations include to increase functionality (43%), replace a dated system (29%), improve usability (17%), consolidate multiple systems (10%), improve product support (10%), reduce cost (7%), and improve reporting (5%). [0]
  • Some businesses don’t use accounting software due to security issues (38%), high cost of programs (35%), and the long period of time required to learn to use software (18%). [0]
  • In fact, about 64% of outsourced offshore technology functions have to do with software application development. [1]
  • About 51% of technology executives say they outsource application and software maintenance, and 40% outsource their data centers. [1]
  • Another IBISWorld report predicts that U.S. sales of HR and payroll software will grow 8.7% in 2020 to reach $10.8 billion. [4]
  • Rob Nixon, CEO and founder of PANALITIX, predicts that by the end of 2017, more than 90% of small and medium sized businesses will be using cloud accounting software. [5]
  • 2016 National Management of an Accounting Practice survey found that 56% of CPA firms surveyed are using cloud base software, up from 48% in 2014. [5]
  • Human error and system failure account for 52% of data security breaches. [6]

Bookkeeping Services Providers Adoption Statistics

  • 90% of accountants feel that there is a cultural shift in accountancy that leans toward technological adoption. [0]
  • 41% of C level accounting executives said the adoption of cloud computing would have the biggest impact in the next three to ten years. [0]
  • 83% of accountants believe that to gain a competitive edge in the market, they need to keep up with the pace of technology adoption. [0]
  • Amazon Web Services had a 76% share of the enterprise cloud adoption in 2020. [3]
  • According to enterprise cloud adoption statistics, the sector will grow by almost 15% by 2024. [3]
  • According to cloud adoption stats, 7 out of 10 establishments using the services in 2020 decided to disburse more money in the area. [3]
  • When it comes to the battle of supremacy, cloud adoption enterprise statistics show that AWS is the conqueror with almost 80% of the market share. [3]
  • In 2020, 31% of enterprises depended on the public cloud, a cheaper alternative according to public cloud adoption statistics. [3]
  • Flexera) Cloud adoption statistics show that over 90% of companies utilizing the cloud in 2020 also embraced multi. [3]
  • Cloud adoption statistics for 2021 shows that decision makers plan to move 34% of their workforce to telework in the long term. [3]
  • According to cloud adoption stats for 2021, nearly 40% of companies aren’t confident that they have the competency to make the switch. [3]
  • IDC) Cloud adoption statistics show that utilization of multi cloud will be almost 100% in 2024. [3]
  • According to cloud adoption statistics for 2021, end user expenditure will grow by $47 billion in 2021. [3]
  • In 2021, its implementation will grow by 11% compared to what it was in 2020, according to cloud adoption stats for 2021. [3]
  • As of 2020, SalesForce was the biggest SaaS Company in the United States at $161.4B market capitalization, according to cloud adoption statistics. [3]
  • According to cloud adoption statistics, AI will grow at a compound annual interest of 46.2% from 2016 to 2021. [3]
  • According to hybrid cloud adoption statistics, over 50% of survey participants want to implement the solutions by 2026. [3]

Bookkeeping Services Providers Latest Statistics

  • General accounting services Tax services 00.5% increase 0. [7]
  • The value is less than .005 percent of industry employment. [8]
  • By the end of 2026, it is expected to reach $19.59 billion with a CAGR of 8.5% from 2021 to 2026. [0]
  • Other drivers include regulations (16%), ongoing digitization (15%), generational changes (13%), Client demands (13%), and investments to keep pace (12%). [0]
  • 82% of accountants say clients are more demanding today in terms of wider services offering. [0]
  • 91% of accountants say that accounting technology has increased their productivity. [0]
  • Interestingly, only 38% of accountants believe that today’s accountancy training programs will be relevant enough to sustain a successful practice by 2030. [0]
  • Recent data shows that accountants are actively training or considering to upskill in other areas, such as client management and business advisory services (63% of respondents), business management (59%), and project management (56%). [0]
  • In a bid to build practices that are ready for the next decade, 74% of accountants have reviewed their business practices in the last year. [0]
  • Some of the top services undertaken by accounting firms include accounting/bookkeeping (79%), payroll (25%), tax (24%), compliance (20%), business advisory (17%), assurance/audit (15%), and outsourced CFO (5%). [0]
  • The highest full time accounting positions in small businesses are CFO (30%), general bookkeeper (21%), accounting manager (19%), controller (12%), and staff accountant (4%). [0]
  • Surprisingly, only 26% of small businesses understand how ghost assets impact their accounting books and taxes. [0]
  • A recent survey by SJD Accountancy found that 72% of self employed contractors handle their accounting tasks without seeking assistance from a professional. [0]
  • Consequently, the remaining 28% get some assistance from general accountancy firms (18%), specialist accountants (7%), family & friends (2%), and another person (1%). [0]
  • Besides, 35% of self employed contractors say making mistakes when doing their accounts is the most stressful thing. [0]
  • Other worries include how long it takes to complete (15%), the complexity of the process (13%), and being slapped with financial penalties (5%). [0]
  • 90% of accountants say that cloud accounting and digital business processes can be the key differentiator among companies in the near future. [0]
  • 67% of accounting professionals prefer cloud accounting. [0]
  • 58% of large companies utilize cloud accounting in their operations. [0]
  • SMBs represent 90% of businesses globally ; however, only a small fraction of SMB owners are equipped to perform accounting on their own. [0]
  • 21% of SMB owners feel that they are not knowledgeable enough about accounting and finance. [0]
  • SMBs outsource the following accounting tasks tax preparation (71%), payroll (50%), auditing (48%), tax planning (30%), personal finances (16%), and bookkeeping (14%). [0]
  • 30% of SMBs regard their accountants as their most trusted advisors. [0]
  • Companies with less than 25 employees feel that their accountants are more reactive than proactive (41%). [0]
  • 81% of C level accounting executives believe that harmonization of business standards with global accounting will certainly impact the accounting industry in the next three to ten years. [0]
  • 74% of Clevel accounting executives are certain that the emergence of the cashless society will have the greatest long term effect after 2025. [0]
  • Interestingly, 56% of firms in the UK believe that accountants will help them accomplish tasks outsides the field of accountancy in the future. [0]
  • Moreover, 59% of small businesses in the UK believe they won’t need to hire an accountant in 10 years’ time. [0]
  • 79% of accountants are confident in providing general business management advice to their clients. [0]
  • Also, 82% of accountants are considering hiring from a nontraditional background. [0]
  • Technology literacy (57%), relationship building (46%), business advisory (44%), industry experience outside accountancy (43%), and project management (36%). [0]
  • 67% of small businesses are satisfied with their accounting services. [0]
  • Also, in 2017, 39% of accounts payable teams said that the volume of their invoices increased by up to 10% from the previous year. [0]
  • Approximately 42% of businesses/clients expect their accountants to offer business advice. [0]
  • 40% of accountants say they feel less confident about the prospects for their practices. [0]
  • More than 50% of C level accounting executives expect that the development of more sophisticated automated accounting systems will have a big impact on the industry in the next three years. [0]
  • 50% of accounting tasks can be automated through currently available technologies. [0]
  • 37% of business owners think that they can complete more accounting tasks on their own as processes become automated. [0]
  • Most importantly, 83% of accountants in the UK’s small businesses say that understanding technology is as vital to their roles as understanding accountancy. [0]
  • Only 17% of small businesses use asset management solutions that allow auditing. [0]
  • A survey by Viewpost reveals that only 21% of small and midsized businesses in the US have integrated their accounting system with payments and invoicing products. [0]
  • However, only 11% of the upgraders are from Sage 50. [0]
  • QuickBooks Pro (9%), QuickBooks Online (5%), QuickBooks Enterprise (4%), and QuickBooks Premier (3%). [0]
  • Also, 39% of accountants say they are early adopters of technology. [0]
  • The top reasons why accountants adopt new technology include to increase efficiency (64%), improve the quality of service (44%), and attract new clients (42%). [0]
  • 80% of executives believe that AI in accountancy gives them a competitive advantage. [0]
  • 79% of business owners say that accounting AI is the key to increasing their company’s productivity. [0]
  • 66% of accountants say they are more than willing to invest in artificial intelligence, while 55% are already planning on using it. [0]
  • 58% of accountants believe that AI is helpful in automating accounting tasks and improving overall operational efficiency. [0]
  • 58% of accountants ‘strongly agree’ or ‘agree’ that artificial intelligence will automate tasks and improve their firms. [0]
  • Moreover, 20% of accountants are currently investing in and utilizing artificial intelligence , and another 20% state that they are planning to invest in in the next 12 months. [0]
  • 52% of senior executives report that they discounted data they didn’t understand. [0]
  • 25% of accounting professionals lack the skills or expertise to make greater use of data. [0]
  • Also, 59% of finance and accounting professionals say that by 2020, data science and analytics skills will be required in the industry. [0]
  • 75% of C level accounting executives believe data mining and new analytical technologies will impact the accounting industry. [0]
  • Meanwhile, 21% of accountants are currently adopting advanced and predictive analytics leveraging Big Data and 23% are planning to invest in this technology within the year. [0]
  • The top accounting challenges facing SMBs are accounts receivables/collections (51%), cash flow (44%), paperwork (33%), closing the books monthly (28%), and payroll management (27%). [0]
  • 66% of companies in the United Kingdom are at risk due to the mismanagement of accounting paperwork. [0]
  • 64% of small businesses in the US spend $1,000 annually on tax preparation. [0]
  • 26% of US companies take up to 10 hours per year to handle tax related duties, while 40% claim it can add up to 40 hours per year. [0]
  • Also, 69% of CFOs rely on spreadsheets to build reports. [0]
  • 36% of small accounting firms agree that keeping up with regulatory change is their biggest issue. [0]
  • 47% of large firms’ biggest challenge is recruiting and retaining their best employees. [0]
  • 36% of accounting firms confirm that pandemic related issues are their biggest challenge with more than 50% of them being midsized firms. [0]
  • 67% of the firms started offering Corona virus related services in 2020. [0]
  • 60% of large firms plan to invest more in technology in 2021 while 41% of small firms and 38% of midsized firms plan to do the same. [0]
  • 89% of small firms have staff who work 100% remotely. [0]
  • 26% of large firms plan to increase the number of their remote staff in 2021. [0]
  • Small firms (6%) and midsized firms (13%). [0]
  • 12% of accounting firms are planning to add Coronavirus related services in 2021. [0]
  • 66% of Businesses at Risk Due to Paperwork Storage. [0]
  • Almost 54% of all companies use third party support teams to connect with customers. [1]
  • 78% of businesses all over the world feel positive about their outsourcing partners. [1]
  • 71% of financial service executives outsource or offshore some of their services. [1]
  • It is not surprising, then, that during the height of the Great Recession, 86% of Americans blamed outsourcing for exacerbating the crisis. [1]
  • 45% of outsourcing businesses worry that a cloud based service may not be stable or reliable enough. [1]
  • Some 35% of respondents identify a fear of losing intellectual property as their biggest concern. [1]
  • Freeing up resources to focus on core business is the most widely cited reason for outsourcing IT functions, at 49%. [1]
  • About 45% of companies outsourcing IT functions say that their information technology outsource projects are meant to save money. [1]
  • About 46% say outsourcing lets them access skillsets that aren’t available in. [1]
  • About 70% of retail and transportation firms do the same, while job outsourcing statistics show that the top spot remains reserved for pharmaceutical companies, roughly 82% of which outsource services. [1]
  • What’s more, 81% of financial companies are satisfied with their robots, meaning that continued growth is all but guaranteed. [1]
  • IT security and data center operations saw the biggest reductions in outsourcing three years ago, with a 6% decrease compared to the year before. [1]
  • On the contrary, spending on outsourcing increased to 13.6% of the average IT budget in 2020. [1]
  • why small business outsourcing stats show that 37% of all accounting and IT tasks get outsourced. [1]
  • United States outsourcing statistics show that another common reason (18%). [1]
  • The latest research has also shown that 52% of small businesses will continue to outsource especially noncore functions even in the post COVID. [1]
  • Employment declined, on average, 27% for firms with fewer than 500 employees and about 28% for firms with fewer than 50 employees between midFebruary and mid April 2020, according to a study by the U.S. National Academy of Science. [4]
  • As of Dec. 2019 The 31.7 million companies with fewer than 500 employees represented 99.9% of all U.S. businesses. [4]
  • Small businesses employed 60.6 million U.S. workers—47.1% of the private. [4]
  • Small businesses accounted for 65% of job growth between 2000 and 2019, creating 10.5 million net new jobs compared with the 5.6 million new jobs created by large businesses. [4]
  • Small businesses operate in all sectors of the U.S. economy; the chart below shows the Top 12 sectors with the largest number of small businesses as of 2017, according to the Economic Innovation Group. [4]
  • Nearly 70% of employees taking part in a survey by the American Payroll Association said that meeting their financial obligations would be difficult if their paychecks were delayed a week. [4]
  • The good news is that 93% of employees said their paychecks are always delivered on time—although only 60% are “very certain” that their paycheck deductions and net pay are accurate; a further 27% are “somewhat certain.”. [4]
  • One thing most don’t need to worry about is keeping their paychecks safe A large majority, 93%, of U.S. employees are paid by direct deposit. [4]
  • A Gallup poll found that 62% of employees worked from home during the COVID 19 pandemic, and the majority of them, 59%, said they would prefer to continue working remotely after the pandemic ends. [4]
  • Almost 25% of employees completed new W 4 forms during 2020, per the APA’s Getting Paid in America Survey, and the majority of those workers did so because they wanted to change their tax withholding or their financial circumstances changed. [4]
  • Fluctuations in employment combined with revenue interruptions can cause serious cash flow problems More than 60% of small businesses experience fluctuating payroll cash outflows due to changes in employment, according to JPMorgan Chase. [4]
  • Yet only half of small businesses have enough cash to continue operating for more than 15 days if revenue is disrupted, and companies with irregular cash flows are more than twice as likely to be forced to shut down permanently, per Chase. [4]
  • State level studies show that 10% to 20% of employers misclassify workers as independent contractors, per the Economic Policy Institute. [4]
  • Businesses must pay 50% of Social Security and Medicare taxes for employees, but not for contractors. [4]
  • There are almost 300,000 payroll and bookkeeping services in the United States, according to IBISWorld. [4]
  • Sales increased by an average of more than 10% annually between 2015 and 2020. [4]
  • By switching from QuickBooks for accounting and a separate payroll system to NetSuite’s integrated solution, N&N was able to cut payroll processing time by 84%, balance accounts faster and improve accuracy. [4]
  • The State of Accounts report 37 percent of small and medium sized business owners think accountancy is becoming more automated and that they can complete a range of tasks themselves. [5]
  • The same report found that 59% of small businesses don’t think they will need an accountant in 10 years’ time. [5]
  • The Sleeter Group found that 72% of small business owners have changed their CPA or accounting firms because the firm “did not give proactive advice, only reactive service.”. [5]
  • Business advisory services will account for more than 80% of revenue in the future, per Rob Nixon 8. [5]
  • Starting salaries for accountants and bookkeepers are set to rise by 3.7% in 2017, according to the annual salary guide from staffing company Robert Half Management Resources. [5]
  • a study by the American Institute of CPAs found that 92% of CPAs said they are not future ready. [5]
  • According to Statista , in just eight years , the number of people using an accountancy service dropped by about 20%. [5]
  • Our 2019 data showed that more than one third of small businesses (37%) outsourced a business process, and more than half (52%). [2]
  • More than one third of small businesses (37%). [2]
  • More than half of small businesses (52%). [2]
  • Businesses choose to outsource primarily to increase efficiency (24%) and receive assistance from an expert (18%). [2]
  • Businesses with 50 or fewer employees (29%) are less likely to outsource compared to businesses with more than 50 employees (66%). [2]
  • In 2019, more than one third of small businesses (37%). [2]
  • In 2019, small businesses most commonly outsourced finance and accounting (37%), as well as IT services (37%). [2]
  • Nearly one third (30%). [2]
  • More than half of small businesses (52%). [2]
  • Among small businesses that chose to outsource in 2019, the largest percentage (24%). [2]
  • In 2019, fewer than one third of companies (29%). [2]
  • Read this ‘ Why Budgeting is Important 5 Advantages of a Budget’ More than one third of small businesses (37%) outsourced a business process, and more than half (52%). [2]
  • Small businesses primarily outsourced to increase efficiency (24%) and available expertise (18%). [2]
  • Finally, small businesses with 50 or fewer employees are far less likely to outsource, according to 2019 data. [2]
  • By 2024, enterprise cloud spending will make up 14% of IT revenue globally. [3]
  • Platform as a Service will grow by 26.6% in 2021. [3]
  • 70% of companies using the cloud plan to increase their budgets in the future. [3]
  • 61% of businesses migrated their workloads to the cloud in 2020. [3]
  • That will be a 17.5% Compound Annual Growth Rate. [3]
  • Predictions show that spending for enterprise cloud platforms will increase by 14% in 2024. [3]
  • That will be a 5% increment compared to 2020. [3]
  • In 2021, Platform as a Service will grow by nearly 30%. [3]
  • In 2020, more than 50% of organizations moved their workloads to the cloud. [3]
  • This trend is likely to continue in the coming years, as 46% of companies reported better financials on costs. [3]
  • In 2020, it earned the ecommerce store $10 billion, after a steady 30% growth every quarter. [3]
  • The other about 20% of businesses that aren’t already using it are either planning to implement it in the future or are already trying it out. [3]
  • Google Cloud takes the third position with 34%. [3]
  • The two contenders hold the last and second last positions with 7% and 15% respectively regarding popularity amongst users. [3]
  • Note 93% of all enterprises use multi cloud environments, e.g. the enterprise relies on multiple vendors. [3]
  • Hybrid cloud took second place, with 28% of businesses prioritizing it. [3]
  • Also, 17% of enterprises considered the public and private cloud to be of equal priority. [3]
  • On premises private cloud and hosted private cloud came last with 9% and 6%, respectively. [3]
  • By Q4 of 2021, 28% of businesses will be using cloud containers. [3]
  • The future of cloud computing shows that serverless computing will jump to 28% by the end of 2021. [3]
  • 93% of organizations using the cloud in 2020 had a multi. [3]
  • 43% of SMBs preferred to use a public hosted cloud service in 2020. [3]
  • Only 35% preferred private clouds during that same year. [3]
  • 34% of employees will permanently work virtually from 2021. [3]
  • 40% of fortune 500 companies will undergo a digital transformation in 2021. [3]
  • Almost 50% of fortune 500 companies are going to experience some form of technological transformation in 2021. [3]
  • 39% of businesses don’t have the skills necessary for cloud migration. [3]
  • By 2024, 90% of enterprises in the globe will be using multi. [3]
  • That’s according to a March 2020 report. [3]
  • In 2020, 97% of Information Technology managers planned to distribute work through different clouds. [3]
  • Multi cloud environments were becoming popular with IT heads in 2020, with nearly 100% of them planning to distribute workloads through them. [3]
  • That will be an 18% increase from 2020, and several factors have propelled that. [3]
  • Infrastructure as a Service grow by 27% in 2021. [3]
  • SaaS will account for 75% of all workloads in 2021. [3]
  • 98% of businesses will switch to the multiple hybrid cloud by 2021. [3]
  • North America’s online backup budget is at 15% as of 2021. [3]
  • America allocates 15% of its IT budget to online data restoration and recovery in the cloud. [3]
  • North America directs 15% of its total information technology budget to cloud productivity, while Europe does 9%. [3]
  • You might have heard that the federal government is unexpectedly dropping its spending by 17%. [3]
  • As of 2020, spending on cloud services was 25% in the Asia Pacific region. [3]
  • 36% of EU countries used cloud computing to host their emails in 2020. [3]
  • At the time, only 26% of organizations in the union used the technology. [3]
  • Nearly 40% of firms in the region had started using it. [3]
  • 60% of organizations will use Cloud Access Security Brokers by 2024. [3]
  • A 2016 Gartner report on cloud security statistics forecasted that 95% of security breaches in 2020 would be the user’s fault. [3]
  • 80% of bad bots operate from the cloud in 2021. [3]
  • According to cloud security stats, eight out of 10 digital robots live in the cloud as of 2021. [3]
  • Companies plan to increase hybrid cloud deployment by 54%. [3]
  • Over 20% of organizations worldwide adopted serverless computing in 2020. [3]
  • This was a sharp increase from the meager 5% in 2018. [3]
  • According to statistics on how many companies use cloud computing in 2021, serverless computing aims to curb this. [3]
  • During the same period, businesses handled more than 60% of all their internet workloads in the cloud. [3]
  • As of 2020, 81% of organizations had at least one application running on the cloud. [3]
  • As of 2020, 93% of businesses had a multi cloud strategy, while 83% utilized hybrid cloud approaches. [3]
  • 43% of cyber attacks target small businesses. [6]
  • 60% of small businesses that are victims of a cyber attack go out of business within six months. [6]
  • There was a 424% increase in new small business cyber breaches last year. [6]
  • 66% of small businesses are concerned or extremely concerned about cyber security risk. [6]
  • 14% of small businesses rate their ability to mitigate cyber risks and attacks as highly effective. [6]
  • 66% of small businesses are most concerned about compromising customer data. [6]
  • 22% of small businesses encrypt their databases. [6]
  • 63% of confirmed data breaches leverage a weak, default, or stolen password. [6]
  • The median small business received 94% of its detected malware by email. [6]
  • 54% of small businesses think they’re too small for a cyber attack. [6]
  • 25% of small businesses didn’t realize cyber attacks would cost them money. [6]
  • 83% of small businesses haven’t put cash aside for dealing with a cyber attack. [6]
  • 54% of small businesses don’t have a plan in place for reacting to cyber attacks. [6]
  • 65% of small businesses have failed to act following a cyber security incident. [6]
  • 50% of small and mid sized businesses reported suffering at least one cyber attack in the last year. [6]
  • 40% of small businesses experienced eight or more hours of downtime due to a cyber breach. [6]
  • Industry experts say a small business’s cyber security budget should be at least 3% of a company’s total spending. [6]
  • 91% of small businesses don’t have cyber liability insurance. [6]
  • Surprisingly enough, 43% of cyber attacks are made against small businesses. [6]
  • And this number has seriously increased—it was a mere 18% just a few years ago. [6]
  • According to the US National Cyber Security Alliance, 60% of small businesses that suffer a cyber attack go out of business within half a year. [6]
  • The rate at which cyber attacks against small businesses grew last year is a staggering 424%. [6]
  • According to a study run by Hiscox, 66% of small businesses are either concerned or extremely concerned about cyber security risk. [6]
  • Small Business Trends found that a mere 14% of small businesses rate their ability to mitigate cyber risks and attacks as highly effective. [6]
  • 47% of small businesses have no understanding of how to protect themselves against cyber attacks. [6]
  • Almost half—47%—of small businesses say they have no idea how to protect themselves against cyber attacks. [6]
  • When permitted two answers, 66% of small business owners chose customer recorders as their biggest worry. [6]
  • This option was followed up by 49%. [6]
  • 46% Customer credit or debit card information. [6]
  • Financial information 8% Employee records 5% Business correspondence 1% Other [7] 10. [6]
  • Additionally, only 22% of small businesses encrypt their databases. [6]
  • Only 48% of all data security breaches have malintent. [6]
  • According to Security Intelligence, 63% of confirmed data breaches take advantage of weak, default, or stolen passwords. [6]
  • Results from a study run by Verizon showed that the median small business got 94% of its detected malware through email. [6]
  • Within emails, 45% of detected malwares were sent through Office document file to the median small business, while 26% were sent through a Windows App file. [6]
  • 54% of small businesses think that they’re too small to be targeted by cyber crime, but most of the cyber security stats we’ve highlighted indicate that “too small” isn’t really a consideration for cybercriminals. [6]
  • According to Insurance Bee, 25% of small businesses didn’t even realize that cyber attacks would cost their business money. [6]
  • Notably, 83% of small businesses haven’t put cash aside for dealing with a cyber attack. [6]
  • Insurance Bee reports that 54% of small businesses haven’t taken the time to proactively plan for handling a potential cyber attack. [6]
  • A study run by Hiscox showed that 65% of small businesses have actually failed to act after a cyber security incident. [6]
  • [12] Finding and addressing the vulnerability that resulted in a cyber breach is necessary for moving forward and steeling your business against subsequent attacks, but it will likely cost you. [6]
  • 40% of small and mid sized businesses experienced eight or more hours of downtime due to a cyber breach. [6]
  • Ninja RMM shares that 40% of polled small and mid sized businesses experienced at least eight hours of their systems being down thanks to a cyber breach. [6]
  • Black Stratus shares that industry experts advise businesses to invest at least 3% of their total spending into cyber security. [6]
  • It’s no surprise that less than 10% of small businesses have cyber liability insurance. [6]
  • Because few small businesses prioritize cyber security measurements, as evidenced by many of the statistics we’ve looked into, that 91% of them don’t have cyber liability insurance doesn’t come as a surprise. [6]
  • 43 Percent of Cyber Attacks Target Small Business 60% of small companies that suffer a cyber attack are out of business within six months. [6]

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How Useful is Bookkeeping Services Providers

One of the key advantages of utilizing bookkeeping services is the ability to have a professional handle your financial records and transactions. By having a trained and experienced bookkeeper oversee your accounts, you can ensure that everything is recorded accurately and in compliance with accounting standards. This can help prevent errors, discrepancies, and potential financial losses that could occur if you were to manage your own bookkeeping.

Bookkeeping services providers can also offer valuable insights and analysis into your business’ financial health. By carefully tracking your income, expenditures, and expenses, they can provide you with detailed reports that can help you make informed decisions regarding budgeting, investments, and future planning. This can help you identify areas where you may be overspending, opportunities for cost savings, or strategies for increasing revenue.

Additionally, by outsourcing your bookkeeping to a professional service provider, you can free up valuable time that you can then dedicate to other aspects of your business. Rather than spending hours each week poring over spreadsheets and receipts, you can focus on growing your business, developing new products or services, or strengthening relationships with your customers. This can help improve productivity and efficiency within your organization.

Bookkeeping services providers can also help prevent fraud and embezzlement within your business. By implementing internal controls, regular audits, and financial statement reviews, they can help identify and mitigate any potential unethical behavior or financial mismanagement. This can protect your business’ assets, reputation, and longevity in the market.

Moreover, in today’s digital age, bookkeeping services providers offer advanced technology and software solutions that can streamline your financial processes and make them more efficient. By utilizing cloud-based accounting software, online banking services, and electronic payment processing, you can simplify your day-to-day financial operations and have instant access to real-time reports and updates on your financial status.

In conclusion, bookkeeping services providers are invaluable assets to businesses of all sizes and industries. Their expertise, professionalism, and dedication to accuracy can help you maintain financial stability, profitability, and growth. By outsourcing your bookkeeping needs, you can save time, reduce stress, and focus on running and improving your business. Whether you are a start-up, a family-owned business, or a multinational corporation, investing in bookkeeping services can yield significant returns and set you up for long-term success.

In Conclusion

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