Cost of living – accountants strengthen UK economy
Research from Intuit QuickBooks reveals the critical role of accounting professionals in helping UK SMBs navigate the now prolonged, cost of living crisis.
According to the research, rising cost of living has led 43% of SMBs who have accountants to seek more support from them with forecasting so that they can plan ahead. More than a third (35%) who don’t currently have an accountant are also interested in this type of service.
Amid the crisis, alongside forward planning, SMBs are seeking more advice from accountants on tax relief (32%) and cashflow management (31%).
On average, 75% of SMB owners say increased access to value-add services like these will give more confidence in the future success of their business.
Heroes behind the heroes
The rising cost of living is impacting SMBs in a variety of ways, with 44% of business owners citing they have had to increase prices and 25% needing to increase operating hours. 39% of owners have also claimed that a lack of budget is preventing them from seeking sound accounting advice that can help navigate these problems.
Instead of working with a professional accountant to find solutions for the pressures of the cost of living crisis, 46% of owners are turning to family and 29% are turning to friends for support and reassurance.
Nevertheless, 63% of SMBs without an accountant and 80% of SMBs with an accountant agree that having one can save them at least three hours a week.
Nick Williams, UK product director at Intuit QuickBooks, says: “Accountants are the unsung heroes working behind the scenes to help strengthen the UK economy. As the survey reveals, the millions of SMB heroes that power the economy are now seeking even more support from them. But there’s only so many hours in the day, and having time to help their clients can be half the battle.
“Fortunately, smart software that manages their entire client base, in one place, can enable accountants to streamline their work, so they can spend more time helping clients grow and seeing their practices thrive.”
