SOURCE: SurePayroll, Inc.

SurePayroll, Inc.

December 22, 2014 05:00 ET

SurePayroll Survey: Oil Price Slide Gives Boost to Small Businesses

1 in 5 Said the Drop in Oil Prices Helped Business

GLENVIEW, IL--(Marketwired - December 22, 2014) - In a survey of small businesses with less than 100 employees by payroll provider SurePayroll, 23 percent said their businesses have seen a boost from the recent slide in oil prices. Dropping from as high as $100 a barrel in June to below $60 a barrel in December, the dramatic price drop has created turmoil in the markets, particularly for energy stocks.

However, it's reportedly been a boon for consumers spending less at the pump. One in five small business owners now say they too are seeing benefits from the lower gas prices:

  • 46% say it costs less to transport goods
  • 46% say morale is up because employees are spending less on gas
  • 39% say consumers have more money to spend in their stores and on their services and products. 

SurePayroll Inc., a leader in providing online payroll to small businesses nationwide since 2000, surveys its customers monthly through its SurePayroll Small Business Scorecard® and Optimism Survey, giving an exclusive perspective on America's microbusinesses.

"Seems like people are happier and want to go out and enjoy life now that the oil prices are reasonable," said Jimmy and Gretta Shelton of The Traveling Kitchen in Bradenton, Florida, responding to the survey.

Insurance agents mentioned people buying more cars, and therefore needing more coverage on those cars, as a benefit of the price drop. Others said their sales people in the field are able to cover more territory with the same gas allowance amount.

The lower oil prices haven't been good news for everyone, though.

"We are in a coastal area and several of our clients work for oil companies," said Jennifer Tate-Brasseaux of LA Optometry Practice in Opelousas, Louisiana. "They are concerned and are putting off follow-up exams and procedures until job security is more known."

Nearly 60 percent said the change in cost of oil has not had an impact and 18 percent said it has not helped business.

For more on small business tips and trends, visit the SurePayroll Blog.

About SurePayroll
SurePayroll is the trusted provider of easy online payroll services to small businesses nationwide. Whether a business has 1, 10, or 100 employees, SurePayroll delivers peace of mind by combining innovative, industry-leading technology and personalized support from an award-winning, U.S.-based customer care team. SurePayroll also provides private-label and co-branded services for accountants and banking partners as well as offering efficient online solutions for managing 401(k) plans, health insurance, workers' compensation, employee screening and more. SurePayroll is a wholly owned subsidiary of Paychex. For more information, please visit www.SurePayroll.com. Follow us on Twitter -- Circle us on Google+ -- Connect with us on LinkedIn -- Like us on Facebook.

About Paychex
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers' compensation, are made available through Paychex Insurance Agency, Inc. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 580,000 payroll clients as of May 31, 2014. For more information about Paychex and our products, visit www.paychex.com.

Contact Information