Tax time is one of the critical compliance periods for small businesses and their business advisors, their accountants and bookkeepers.
This year, it’s an especially important period given the huge changes to their operations that businesses have endured over the past 18 months as a result of the pandemic and current lockdowns.
Against this backdrop, now is an opportune time to take the temperature of small businesses, to find out how they are approaching the new financial year, their perceptions of tax time and their perspectives on the value business advisors, such as bookkeepers, add to their operations year round.
This research draws on the insights of more than 500 small business leaders and explores their relationships with their advisors over the past year.
A summary of the report’s findings is below:
Ø Small businesses with an advisor relationship are now three times more likely to feel positive about the start of a new financial year and tax preparation period than those without.
Ø More than half (57%1) say they would have struggled to keep going without their bookkeeper’s or accountant’s support over the past 18 months.
Ø More than half (54%2) of small business leaders actively sought more financial advice in the last year than they have previously.
Ø Almost two thirds (59%3) have an extra $500 to $40,000 as a result of working alongside their bookkeeper or accountant and 5%4 have made $60,000 or more thanks to the help of these professionals.
Ø Over the past year just over half of small businesses (52%5) have saved up to $6,000 thanks to the advice of their small business advisors.
Download your free copy of the Advocating for Advisors report and learn some fast facts to share with clients on the value of seeking professional bookkeeping advice, as well as tips from peers and tools to help make compliance work less complex, so you can focus on being the hero for your small business clients.
1Advocating for Advisors research data tables. Tab ‘Table 12’ row 13 column B
2Intuit QuickBooks Advocating for Advisors paper, 2021, p. 13
3Intuit QuickBooks Advocating for Advisors paper, 2021, p. 11
5Intuit QuickBooks Advocating for Advisors paper, 2021, p. 10