A third of small businesses are “totally unprepared” for the Affordable Care Act (ACA), their accountants revealed in a recent survey.
Nearly half (48%) of the 277 indicated that their small business clients are “not very prepared” for the ACA. The survey was conducted by Accounting Today’s Research Council, whose sample included accounting firms of all sizes across the country.
In contrast, four out of 10 accountants believed their midsized business clients were “not very prepared” and 43% thought their clients were “somewhat prepared.”
Apparently size makes a difference, and large businesses appear to be better able to handle what’s coming. Just over half (51%) of their accountants reported their clients in this category were “somewhat prepared” and almost a quarter (24%) “very or completely prepared.” But 17% of the respondents thought their big clients are “not very prepared” and 8% “totally unprepared.”
The survey also found that two-thirds of the accountants’ clients asked at some point for help regarding the ACA, portions of which are to go in effect Oct. 1, such as employee notification.