Accountants are saving businesses time and money as well as easing the pressure of rising inflation, according to a new survey.
The survey by Intuit QuickBooks found that as costs were rising and consumer spending falling, professional support had reduced costs for SMEs.
The majority of the 600 respondents surveyed in the UK (83 per cent) said that their accountant or bookkeeper has helped reduce the impact of inflation on their business.
With Making Tax Digital (MTD) still a problem for some businesses, eight out of ten SMEs said their accountant helps them make better use of technology. With the ongoing development of software, that help will become even more important.
Enhance revenues and improve profits
The survey suggests that by making use of a qualified accountant who can suggest ways to reduce costs, enhance revenues, and improve profits, UK SMEs can save an average of 59 working days per year. That averages out at £28,000 – seven per cent of the average UK SME turnover.
When asked about the value of an accountant, 93 per cent of UK small businesses said they believe their business is more likely to survive with a good accountant.
Overall, 99 per cent of those benefiting from professional help agreed their accountant gives them more confidence in their business.
What can accountants do to help?
- They can advise on the latest cloud accounting software
- Make sure financial records are organised and maintained
- Calculate taxes owed, prepare tax returns for HMRC, and ensure prompt payment
- Examine financial statements to ensure their accuracy
- Ensure that statements and records comply with regulations
- Recommend best practices for greater efficiency
- Provide auditing services for businesses and individuals
Need help and advice on accountancy matters? Please contact us.