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accountants and bookkeepers

Accountants & Bookkeepers: Key partners in the fight against inflation

By QuickBooks Australia

Published on November 8, 20224 min read

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On 10 November, we'll be celebrating International Accounting Day. The day will start as a way to honour Fra Luca Bartolomeo de Pacioli, often known simply as Luca Pacioli, an Italian mathematician who is considered the father of accounting and bookkeeping. To recognise all of the accountants and bookkeepers working today, Intuit QuickBooks commissioned a survey of 2,700 small businesses to ask how accounting professionals impact their business.

Accounting professionals help small businesses grow

In a new survey commissioned for International Accounting Day, small businesses in the US, UK, Canada, and Australia were remarkably consistent in their praise for accountants and bookkeepers. More than eight out of ten say accounting professionals helped them reduce the impact of inflation on the business.

Nine out of ten small businesses with an accountant or bookkeeper say they contribute to the business’s success. The same proportion say they help the business grow. And more than 98% say their accounting professional boosts their confidence in the business.

On the other hand, small businesses that do not have an accounting professional are less likely to have confidence in their taxes, less likely to report strong financial health, and less likely to believe they can pass a financial audit.

Remarkably, 10 out of 10 small businesses who have accounting professionals say other businesses should get one too. (If you are part of the 1% in Australia who say, “No, definitely not,” give us a call!)

Roughly two-thirds of the respondents across all Australia, UK, USA and Canada, say small businesses that do not have an accounting professional should get one today. The remainder reported they would reach out to an accounting professional “when it is right for their business.”

Eight out of ten small businesses hiring an accounting professional reported that they help them make better use of technology, while nine of ten said they reduce stress for the business owner.

Accounting professionals save time and money

According to small businesses with accounting professionals, the difference can be measured in dollars and time saved. In Australia, small businesses without accounting professionals could be missing out on an average annual saving of $39,000 and 73 lost work days, according to the QuickBooks-commissioned survey.

Canadian small businesses say their accounting professionals save them, on average, 97 days a year and $63,000 — the most of respondents in any country.

All of which begs the question: why does not every small business have an accounting professional? According to the survey, with a good recommendation, many more would hire one.

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Methodology

Intuit QuickBooks commissioned online surveys, completed in October 2022, of 2,700 small business owners and decision-makers in the US, UK, Canada, and Australia. In each country, half of the small businesses surveyed had an accountant or bookkeeper, while the other half did not.

Small businesses were defined as having 1 to 100 employees, including the business owner. The majority of the respondents (58%) had less than 25 employees. In the US, there were 900 respondents in total: 450 businesses with an accountant or bookkeeper, 450 without. In Canada, there were 600 respondents: 300 businesses with an accountant or bookkeeper, 300 without. In the UK, there were 600 respondents: 300 businesses with an accountant or bookkeeper, 300 without. Overall, 43% of the respondents were the owner or chief executive of the business (or equivalent), while the remainder were senior leaders and decision-makers who were familiar with the business’s financial management strategy.

Percentages were rounded to the nearest decimal place – so the values shown in the charts and graphics may not add up to 100%. Responses were collected in online surveys using Pollfish audience pools and partner networks with double opt-in verification, random device engagement sampling, and post-stratification against local census data to ensure accurate targeting and results. Respondents received remuneration.

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Disclaimer

This content, report, and materials are for informational purposes only and should not be considered legal, accounting, financial, investment, or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Intuit Inc., or its affiliates do not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc., or its affiliates do not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers should verify statements before relying on them.

We provide third-party links as a convenience and for informational purposes only. Intuit Inc. or its affiliates do not endorse or approve these products and services, or the opinions of these corporations or organisations or individuals. Neither Intuit Inc. nor its affiliates assume responsibility for the accuracy, legality, or content on these sites.

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