More businesses turn to their accountants to help navigate the cost-of-living crisis

Accountants who offer added value play a pivotal role in helping and supporting businesses through the current economic climate, according to research by online software provider QuickBooks. 

The crisis has led to 43% of small to medium businesses (SMBs) already using an accountant to seek more financial forecasting support. More than a third (35%) who don’t currently have an accountant are also interested in this type of service. 

Nick Williams, UK Product Director at Intuit QuickBooks, points out this significant: “Accountants are the unsung heroes working behind the scenes to help strengthen the UK economy. The millions of SMBs that power the economy are now seeking even more support from them.” 

The impact of an experienced accountant extends beyond tax compliance, with 80% of SMBs stating having one can save them at least three hours a week. 

QuickBooks’s research highlights that SMBs are increasingly looking to their accountants for more advice on tax relief (32%) and cash flow management (31%) because of the crisis. 

The escalating cost of living is affecting SMBs in a variety of ways, with 44% of business owners having to increase prices and 25% needing to increase operating hours to weather the storm. 

The research also shows that approximately 75% of sole traders and micro-business owners said increased access to extra services from accountants would give them more confidence in the future success of their business.  

However, 46% of owners said they turned to family and 29% to friends for support and reassurance instead of working with a professional accountant, thereby potentially missing out on valuable insights about any tax savings they could be eligible for. 

Date published 2 Jan 2024

---