Home Accounting and Auditing Study finds small businesses are wedded to their accountants

Study finds small businesses are wedded to their accountants

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A survey of small businesses in the US throws out some interesting insights into the interaction with their accountants.

The highlights include:

  • 69% of the 500+ businesses surveyed were profitable in the last year
  • 72% of businesses were very satisfied with their accountants
  • Only 16% were likely to switch accountants in the coming year
  • Businesses see their accountants as trusted advisors who respond quickly, understand their business and are affordable
  • The main accounting service required is tax advice, and that will remain the case in 2019
  • The two biggest problems faced by businesses are cash flow and low profitability (followed by loss of a major client and need for capital)
  • The biggest obstacle to success is generating new business, followed closely by the economy
  • Small businesses were more likely to have increased their profits last year
  • Those that have a “high affinity” for their accountants were likely to grow even more
  • More than half of small businesses reported higher revenues last year, and expect this trend to continue in 2019
  • Nearly three-quarters of small firms did not take on any new employees last year.

See survey results here.

 

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