Celebrating the heroes behind business successby
Today we celebrate International Accounting Day: a time to recognise the invaluable contributions of accounting professionals to businesses worldwide.
Amid challenging economic times, accountants have emerged as more than just financial experts. According to research from Intuit QuickBooks, you are a vital support system for small and medium-sized enterprises (SMEs) in the UK.
Your impact extends into the very heart of business success as you have become strategic advisers, technology guides, and pillars of support for small businesses. Yet your importance in the lifeblood of the UK economy is often overlooked, even in this time of economic turbulence.
Accountants boost business owners’ confidence as well as the bottom line, and this is down to your skills with not just the purse strings, but also the wider set of tools small businesses need to succeed.
Adapting to adversity
The economic climate is transforming the accountant-client relationship. What clients need is constantly evolving with more than three in five accounting professionals reporting greater demand for more varied support. The pressures of the cost of living crisis have the UK’s 5.6m SMEs seeking both emotional and financial help – and it is you they turn to.
A whopping 93% of UK business owners say their accountant helps them feel less stressed. That’s because these days, accountants don’t just handle balance sheets and offer tax advice. You provide the tools and advice clients need to make informed decisions, with eight in 10 SMEs saying their accountants help them make better use of technology.
Boosting business confidence
The impact that accounting professionals have on entrepreneurial confidence cannot be overstated. A staggering 99% of individuals who have sought professional assistance acknowledge their accountants as the key to their heightened confidence, and 90% link their business success to accounting services.
This confidence stems not only from the financial guidance you provide but also from your role as strategic advisers. You act as guides, walking clients through the complexities of a volatile economic landscape. This kind of support is invaluable in these turbulent times, so it's no wonder that 93% of UK small businesses believe they are more likely to survive with an accountant on board.
Driving business success
It’s easy to think that accountants play a supporting role, but these days it’s difficult to overstate their direct impact on the success of businesses. In the UK, 83% of SMEs surveyed said that their accountant or bookkeeper has helped reduce the impact of inflation on their business.
Accountants are also helping clients save an average of 59 working days and £28,000 per year, valuable resources that can be better focused on strategic planning and customer relations – which is crucial for growing a business.
The UK economy needs you!
If we consider the fact that 99% of all UK businesses are small businesses, it’s clear that the UK economy needs you, the behind-the-scenes heroes, to succeed.
With a rise in the volume and complexity of demands, we know that accountants can struggle to find the time to give clients the support they need. That’s why you need smart software that can manage an entire client base in one place. It allows you to redefine your roles, continue to create more meaningful relationships with your clients, and empower your clients’ passion for their business.
This International Accounting Day, we recognise that you, the heroes behind the scenes are a lot more than just number crunchers. In the face of today's economic challenges, your role has evolved beyond traditional financial duties.
As we look to the future, the role of accountants will continue to be pivotal in shaping the success of small businesses and the UK economy.