Accounting professionals are key partners in the fight against inflation

International Accounting Day is November 10. The day started as a way to honor Fra Luca Bartolomeo de Pacioli, often known simply as Luca Pacioli, an Italian mathematician who is considered the father of accounting and bookkeeping. To recognize 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.

Small businesses that work with accounting professionals are more likely to succeed than small businesses that don’t, according to a new survey commissioned by Intuit QuickBooks. 

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 8 out of 10 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 their accountant or bookkeeper helps the business grow. And more than 98% say their accounting professional boosts their confidence in the business.

On the other hand, small businesses that don’t 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.

Get thee to an accountant!

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

Roughly two-thirds of the respondents across all four countries say small businesses that don’t have an accounting professional should get one today. The remainder say: “When it’s right for their business.”

Eight out of 10 small businesses with an accounting professional say they help them make better use of technology, while nine of 10 say 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 the US, small businesses without accounting professionals could be missing out on an average annual saving of $39k 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 C$55k — the most of respondents in any country.

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

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 have an accountant or bookkeeper while the other half do not. Small businesses are defined as having 1 to 100 employees, including the business owner. The majority of the respondents (58%) have 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 are familiar with the business’s financial management strategy. Percentages have been 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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