Survey offers insight into small accounting firms' compliance struggles

According to a recent survey by the International Federation of Accountants’ Small and Medium-sized Practices Committee, the owners of many small and medium-sized accounting firms are struggling to comply with government red tape, Accounting Today reports.

A total of 41 percent of surveyed small practice accountants said keeping up with new standards and legislation is the top issue facing their firms, ahead of attracting and retaining clients, which one-quarter identified as their biggest challenge.

Nearly 30 percent of practitioners' small and medium-sized business clients said regulatory burdens and economic uncertainty pertaining to everything from financing to business marketing were the top hurdles they faced in the fourth quarter of 2011.

"This poll has provided invaluable insights that help us and our member organizations better understand the concerns of SMPs and their small and medium-sized entity clients globally," said committee chair Giancarlo Attolini, in a statement quoted by the news source.

In remarks before a recent Cabinet meeting, U.S. President Barack Obama urged legislators to quickly pass laws to lessen regulatory burdens. He emphasized the importance of being able to "assure more companies that create the most jobs in our economy are getting a leg up from the various programs that we have in our government."