Small business’ reliance on accountants during New Tax Year strengthens client relationships

London, UK - 14 April 2023

As accounting professionals and businesses alike prepare for the end of the tax year next week on 5th April, new research from Intuit QuickBooks reveals that 46% of accountants surveyed experience the most pressure and stress in supporting their clients during this time of the year – even more than in the lead up to Self-Assessment deadline (42%) and the Christmas season (31%).

This is partly due to the increased reliance on accountants from SMBs during this time, as 33% of small business owners[1] find managing this time of year to be their least favourite part of running a business – with 35% saying they would most like to receive support from accountants or tax advisors in order to provide the greatest stress relief when running their business.

New tax year toll

The increased workload accountants experience during the new tax year period causes just under 7 in 10 (69%) to work longer hours to keep up with demand. This added commitment to work can result in knock-on personal effects for many - from having to work weekends (38%), spending less time with family and friends (37%) and feeling less connected to loved ones (37%).

This impact on both work and personal life reveals why it is so important for businesses and accountants to work together to set clear business goals; to help feel more in control and support peace of mind, even during challenging times.

The benefit of expert guidance

During the new tax year period, 36% of SMB owners1 find accountants to be the most valuable expert advisor to business success, alongside financial advisors (25%) and financial management software (18%).

Simply by having an accountant’s support during the new tax year period, 33% of SMB owners feel more confident that their taxes have been filed correctly and that payroll systems are accurate (23%), providing peace of mind during such a stressful time.

And while the heightened reliance on accountants at this time does add to their workload, the increased time working with customers also reveals unexpected benefits, with 34% of accountants reporting a better understanding of their clients’ ambitions and goals for their business.

QuickBooks’ new “Guide to Successfully Setting New Tax Year Resolutions” shares further insights on the importance of understanding why seeking expert guidance is so important to both business success and mental wellbeing, and understanding how that support can come in many forms – from accountants, to financial management software, to friends and family.

Jolawn Victor, VP Country Manager at QuickBooks says: “The new tax year period can be a challenging time for accounting professionals as they face increased pressure and demand for the full range of services. While tackling an inflated workload, it is crucial accountants seek proper support - from utilising financial management tools to streamline workflow, to being kind to their mind, prioritising self-care and leaning on emotional networks for support.

“Our new Guide to Successfully Setting New Tax Year Resolutions provides insights from an expert accountant on navigating this period while remaining closely aligned with SMBs owners and their goals, including actionable tips and tricks to set yourself up for success. Working together with their accountants, SMB owners can transform this time of stress and pressure into one of opportunity and goal setting, able to guide better decision making into the future.”

Rachel Harris, Founder of Accountant says: “The sheer volume of work that needs to get done during the new tax year can be quite overwhelming for accountants, but I also know first-hand what an opportunity it can be. Our clients put all their trust in us to make sure they are compliant and that their finances are settled as the new year begins, but when we have the chance to build that relationship further with business owners, we can not only monitor the finances, but we can help to build aspirational and achievable financial goals.

“The key lies in finding the accountant that suits you and your business best. Because when you find someone that is invested in not just the numbers, but in you and your business goals too, then they will become that vital support you need to help achieve those goals and aid you in having better peace of mind.”

Sources

A survey of 501 18+ accountants was conducted between 01.03.23 - 06.03.23. This study was commissioned by QuickBooks with Censuswide. Censuswide abide by and employ members of the Market Research Society and follows the MRS code of conduct which is based on the ESOMAR principles. 

The Guide

The Guide to Successfully Setting New Tax Year Resolutions has been developed by Intuit QuickBooks, in partnership with Wellness Expert and host of ‘Power Hour’ podcast Adrienne Herbert, and Professional Accountant and Founder of AccountantShe Rachel Harris. 

[1] Statistic taken from a separate survey with 505 18+ small business owners between 24.02.23 - 27.02.23. This study was commissioned by QuickBooks with Censuswide.

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