UK SMEs want accountants to be more like ‘business partners’, survey reveals

Many businesses want accountants much more closely involved, believing the skills they offer are integral, a global survey from Dext finds.

Younger tech savvy business people in particular are keen to partner with accountants. Over half (56 per cent) of 18-to-34-year-olds say they want their accountants to be business partners, while 50 per cent of 35-to-44-years-olds feel the same.

According to the data, many businesses believe accountants make excellent virtual CFOs, with over half (61 per cent) of 35-to-44-years-olds say accountants are useful in this role while 55 per cent of 35-to-44-years-olds feel the same.

The provision of real-time data by accountants is a priority for many in the SME community who want to grow their businesses, with more than two-thirds (85 per cent) of 18-to-34-year-olds saying real-time data is very important, while 91 per cent of 35-to-44-years-olds feel the same. Real-time data is still important for the 55+ group with 77 per cent saying it’s key to growth.

A vast majority of businesses polled believe robust financial planning is the only way to grow, with a huge 93 per cent of 18-34 year-olds say this type of planning is crucial for the growth they want in the next 12 months – 88 per cent of 35-to-44-years-olds feel the same. The numbers are similar for older groups – 89 per cent of 45-to-54-years-olds and 83 per cent of 55+.

Meanwhile, More than half (51 per cent) of those polled also thought accountants were the best people to help with tax relief – more than bookkeepers, financial planners and management consultants.

“It’s fantastic to see so many in the business community waking up to the power of accountancy,” said Dext chief executive Adrian Blair.

“A good accountant, using the right software tools, can do so much for a business and people are now beginning to really understand this.

“It’s clear that having a full picture of business finances, in real time, is critical to business success, and accountants are crying out for tools to help businesses succeed in these turbulent times.

“Recovery won’t happen overnight, but SMEs are the lifeblood of the UK economy, and supporting financial planning with expert accountant advice will help businesses move in a positive direction towards growth.”