Is crunching numbers just not your thing?
Intuit conducted a survey last year that showed some unexpected results regarding a financial literacy gap among Canadian entrepreneurs. How well do you understand your business financials, and do you think other CEOs in Canada stack up? The results might surprise you…
- 93% of those surveyed said they believe that they possess average or advanced understanding of financial management principals – 39% then failed the quiz.
- The number of failures was up 5% from the same test in 2012.
- 57% got 5 or fewer questions correct out of 10.
- Only 7% of participants got 9 out of 10, with just 2% getting a perfect score.
- Quebec had the highest rate of failures with around 61% – only 4% of those surveyed in the area got 9 out of 10.
What Does this Mean?
- 47% of entrepreneurs said they believe that basic financial training would help their business become more profitable.
- Of everyone surveyed, 63% realize that they need to pay more attention to financial management throughout their business.
- Only 26% said they understand the importance and role of a balance sheet – a decrease from 2012, and a staggeringly low number.
Even if you don’t quite understand numbers, you know that financials are crucial to keeping your business functioning at its peak. Realistically, most business owners just don’t have the time or experience to keep numbers in order. Numberwise understands how important financials are – in fact, our passion is numbers! We’ll take care of the financials and ensure you always know where you stand without having to understand all the details of finance.