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.
Having qualified with Bronsens, Katy looks after a growing portfolio of clients. Katy enjoys helping her client’s transition to cloud based solutions.
Based in Chipping Norton, Tracey processes a large number of payroll for our clients, from the simple directors only through to large complex company payrolls. Our payroll department is fully BACS accredited.
Payroll Manager
Payroll Manager
Sheila brings her wealth of farming knowledge to the practice and looks after our farming portfolio and advises our clients on a wide range or topics.
Zoe is currently studying for her ACCA exams. Working alongside other team members Zoe is building up her knowledge in all aspects of accountancy and is Xero certified.
Hannah has her own portfolio of clients and helps them address all of their business needs, from cloud migration to audits.
Sonia has a wealth of experience in accounting practice. She looks after a varied portfolio across a wide range of industries including:
Based in Witney Judy looks after all aspects of our admin requirements ensuring the practice runs smoothly. Judy is Xero certified and looks after our bookkeeping.
Katie is currently studying for her ACCA exams. Working alongside other team members Katie is building up her knowledge in all aspects of accountancy and is Xero certified.
Jo is Xero certified and works across both offices in our accounts preparation department.
Sarah heads up our busy audit team and looks after a wide portfolio of clients