Accounting services and SMEs Lee
Introduction
This research aims to answer that what exactly constitutes an SME. According to the European Commission that SME is a firm that employs fewer than 250 people while the Australian Bureau of Commission defined even smaller number of people that is less than 200 employees. Particularly, small business having from 5 to 19 people is vitally important in terms of growth of the market economy since approximately 95% of all businesses of Australia are made up of it, which employs 3.3 million people in the industry across the country. Furthermore, small enterprises is also playing a great role in sustainability when it comes to the exports and innovation for Australia provided by during the last decades, small businesses have contributed a lot to help maintaining strong economic growth in Australia………… Add more here plsData analysis and results
There are two objectives of this research. The first is about SME owners’ perception of the degree of regulation and legislative requirements in terms of the business operation. Second is that the forms of professional and institutional support used by SMEs to deal with regulatory requirements
The first is about SME owners’ perception of the degree of regulation and legislative requirements in terms of the business operation.
There are six areas that are chosen in respect of SME owner-manager attitude, which are taxation, superannuation, payroll, employment, environment and health and safety. For taxation, it is still a big issue for the businesses as their highest regulatory burdens. For superannuation, it is necessary to reform the whole system in order to significantly reduce compliance burdens. For the payroll, there is a burden that payroll tax difference that across the states and territories. For the employment, the concerns are raised regarding the problems around complexity and compliance on which focused by the labour market regulation. For the environment, the concerns are about submissions to the Taskforce that is reflected the breadth associated with environment and building regulations affecting business. For the health and safety, the issue is raised about the OH&S training is not embedded in industry training packages so that the liabilities is not shared by the employers and employee reasonably. Furthermore, the research also determines the level of concern in terms of particular aspects of their business and there are six channels that to be asked to the respondents
The respondents were asked questions about their level of agreement and a number of statements in terms of the reasonableness of different areas of regulation. There are a great number of SMEs agreed that the regulations were reasonable, with 75% of SMEs agreed that employment regulations and among these enterprises, 25% of them strongly agreed with this. On the other hand, the regulation was not applicable to some degree when it comes to some self-employed business owners who are in education, wholesale and transport industries. For payroll, only 68% of SMEs agreed that the regulation was reasonable. In comparison to the employment, those industries with more staff, such as education, wholesale and transport tend to strongly agree with whilst those small businesses even without employees thought it was almost irrelevant to them. For the tax regulation, 72% agreed that the regulation was reasonable, with 26% strongly agreed that is largely from the research and education industry. For the superannuation, 81% thought the regulation is relevant and 41% of SMEs strongly agreed, especially that industries that have more than 10 employees, such as financial services, mining and manufacturing. For the environment, the regulation was seen as reasonable by 76% of SMEs and 32% strongly agreed when it comes to the research, education and transport industries. For the last one, that is health and safety. 79% of SMEs, for instance; education, wholesale, and