Give your practice a competitive edge with business advisory and payroll

4 min read
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If you're starting or looking to expand your practice, adding business advisory and payroll services can significantly boost your competitive edge.

A study conducted by market research consultancy Censuswide revealed that 75% of small business owners reported enhanced access to value-added services boosts their confidence in future success. By integrating these offerings, accountants and bookkeepers can foster lasting relationships, increase revenue streams, and position your practice as an essential partner in their journey.

Why this matters to small businesses

According to the 2023 Intuit QuickBooks Small Business Index Annual Report, small businesses are the lifeblood of the UK economy, accounting for nearly 44% of all jobs and representing 99% of all business entities. Despite their substantial contribution, they are experiencing significant challenges, including post-pandemic recovery, tightening consumer spending due to the cost of living crisis, and escalating operational costs.

Our research shows that small businesses are seeking more advice from accountants on tax relief (32%) and cash flow management (31%), highlighting the pivotal role accountants and bookkeepers play in guiding them through financial planning and compliance challenges.

Why business advisory is a must-have for your practice

Clients can sometimes struggle to manage multiple aspects of their business. Becoming a trusted business advisor means you can become critical in ensuring their resilience and growth.

Small businesses are more likely to stick with firms that offer holistic solutions rather than managing multiple relationships. When time is money, businesses will look to their trusted accountant and bookkeepers for advice and strategic foresight.

Business advisory services are regarded as high-value, which means you’ll be able to charge higher fees and run a more profitable practice. It's a great way to differentiate your practice in the market and get noticed.

Contributing to their business success will also increase client retention rates. Your unique knowledge and experience can create a powerful combination that delivers business results. You can also upskill to ensure you have the commercial insight and communication skills to succeed. If you want to provide strategic guidance, it may be helpful to obtain additional qualifications, especially in the niche in which they operate.

How accountants can use payroll to drive value

Using QuickBooks’ Payroll solutions, including our newly launched Bureau Payroll, built to boost practice growth, can help free up time to focus on high-value business strategies. Our payroll solutions can provide predictive, real-time reporting dashboards to drive efficiency. Payroll insights can be used to predict resource needs and costs which will inform decisions like overtime, holiday, sick pay and other statutory deductions. This is especially helpful to businesses with hourly or irregularly paid staff.

More than just calculating wages, payroll management encompasses a range of regulatory requirements and financial planning aspects that can significantly impact employee morale and the overall reputation of the business.

Payroll is incredibly personal, with nearly half of UK small business owners turning to personal savings for funding, the strategic management of payroll and finances is more crucial than ever.

The evolving partnership with small businesses is anticipated to increasingly focus on strategic planning, digital transformation, and proactive financial management. By adopting enhanced solutions, accountants working with businesses can drive efficiency and ultimately boost their overall performance and revenue.

“It’s been a tough journey for the small business community over the last few years, so I’m not surprised that small and medium businesses owners have been turning to their accountants and bookkeepers for extra support.

Keeping on top of payroll updates and implementing the latest enhanced solutions to drive efficiency will be vital to small businesses if they are to move from mere survival to thriving. The role of accountants and bookkeepers in supporting them with payroll will prove extremely valuable on the road to recovery.” Pauline Green, Head of Product Compliance at QuickBooks

Strategic planning and enhanced solutions to drive growth

As the UK economy evolves, the need for expert guidance and value-add services from accountants and bookkeepers is becoming increasingly critical.

The evolving relationship between small businesses and their accountants is expected to focus more on strategic planning and proactive financial management to navigate the economic landscape successfully. Accountants are more than number crunchers; they are strategic partners who play a key role in fostering long-term success and growth.

The symbiotic relationship, enhanced by solutions like QuickBooks, extends beyond payroll management. It lays the groundwork for innovation, growth, and stability in small businesses and within the UK economy as a whole.

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This content is for information purposes only, is provided free of charge and it is intended to be helpful to a wide range of businesses. Because of its general nature the information cannot be taken as comprehensive and they do not constitute and should never be used as a substitute for legal, accounting, or tax advice. Additional information and exceptions may apply. No assurance is given that the information provided is comprehensive, accurate or free of errors. Intuit does not have any responsibility for updating ore revising any information presented herein. Any reliance you place on information found on this site or linked to on other websites will be at your own risk. You should consider seeking the advice of independent advisers and always check your decisions against your normal business methods and best practice in your field of business.


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