Value of accounting advice for small businesses
Intuit QuickBooks surveyed 510 Australian Small Business Leaders and explored their relationships with their accountants over the past year. The aim of the research was to find out how the Business Leaders approach the new financial year, their perceptions of tax time and their perspectives on the value business accountants add to their operations year round. We thought it would be interesting to share some of the key highlights from this research.
According to the report’s findings:
- Small businesses with a business accountant relationship are now three times more likely to feel positive about the start of a new financial year and tax preparation period than those without.
- More than half (57%) say they would have struggled to keep going without their bookkeeper’s or accountant’s support over the past 18 months.
- More than half (54%) of small business leaders actively sought more advice in the last year than they have previously.
- Almost two thirds (59%) have an extra $500 to $40,000 as a result of working alongside their bookkeeper or accountant and 5% have made $60,000 or more thanks to the help of these professionals.
- For half (48%) of small businesses the end of financial year and tax time prep caused them more anxiety than usual.
- Over the past year just over half of small businesses (52%) have saved up to $6,000 thanks to the advice of their small business accountant.
- 69% of small business leaders save up to 20 hours a month thanks to their business accountant.
- 50% rely on their business accountant for emotional support
- 30% rely on their business accountant for help with their cash flow.