Study Shows Small Business Owners Turn to Accountants
photo credit: jekert gwapo
It’s no surprise that small business owners rely on their accountants to guide them through the ins and outs of setting up their businesses and preparing their taxes, but accountants’ roles have quickly developed into advisors and even trainers on how small business owners can get the most out of their business. Who would have thought accountants would be the saving grace? According to Intuit Inc.’s latest survey, which polled 750 accountants and small business owners, the accountant-small business relationship has expanded into several new areas as more small business owners are seeking guidance on personal money management as well as tips on how to weather the economy.
Today Intuit Inc. released a comparison survey that queried 250 accountants and 250 small business owners nationwide about challenges they face in growing their businesses, maintaining the accountant/client relationships and remaining competitive in the marketplace. In order to provide a more complete context around how the economy has changed the way small business owners operate and view their business goals over the past six months, Intuit reissued a portion of the survey to 250 small business owners again in mid-January 2009.
Key findings after the jump.
- Nearly 80 percent of small business owners said they would feel more confident having an accountant as a close business advisor during this time.
- Small business owners’ biggest concerns have changed. They are no longer worried about “finding time to develop and run my business.” This previously was the second largest concern in the summer 2008 survey; it has dropped more than 50 percent in the January 2009 survey, landing right before “keeping up with the competition” (6 percent).
- The number one thing that keeps small business owners up at night is paying their bills, as detailed by 41 percent, nearly a 10 percent increase in the past six months.
- The number of small business owners that are “not at all” optimistic about the continued growth/success of their business has nearly tripled in six months, from 7 to 17 percent.
- 73 percent of accountants are proactively advising their clients on how to conduct business during the economic downturn.
- In order to help small business owners weather the economic storm, 66 percent of accountants have increased services they offer, including:
- Business consulting.
- Payroll services.
- Tax services.
- Bookkeeping.
- Online accounting.
- Increased networking.
- Adding new services or products.
- Training and education.
Jaclyn on March 19th, 2009 8:29 am
That is so true, everywhere i look accountants are increasing the tasks that they will now perform for small businesses. where as it use to be finance only to where they kept your book’s for you in order and did your taxes and that was about it, and now so many of them are increasing their services to above and beyond that.
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