Government research reveals the key role accountants play as trusted advisors

The latest survey of SME Employers by the Department for Business* has emphasised a number of positive outcomes for accountants, along with encouraging data regarding the growth and employment rates in the sector.

Highlights of the report include:

• Small to medium sized businesses (those with 1-249 employees) were most likely to turn to accountants (37%) for information and advice on their finances, particularly those operating in the transport and storage sector.
• 26% of SMEs reported an increase in the number of employees hired on 2022-23, up from 19% the previous year.
• 26% expected to increase their number of staff in the next year.
• 46% of SMEs that were established for at least a year reported an increase in sales.
• Around 79% generated a profit or surplus in their last financial year, a 6% increase from 2021.

James Mattam, TaxAssist Group Business Development Director, said: “These latest survey results are hugely encouraging and are mirrored by the TaxAssist network’s experience of servicing 80,000 business clients across the UK.

“Demand for accountants is increasing and more notably since the pandemic, where business owners turned to their accountants for advice, initially on how to survive during some testing times and then how to thrive coming out of this period.

“The fallout of servicing bounce back loans and continuing to trade well has been core to the advice provided to our client base. The ability, through technology, to keep clients closer to their numbers through real time bookkeeping and management reporting has helped clients review costs and spot opportunities from within the data from their own business. This is where the accountancy industry is excelling. This will create long lasting relationships for the future and presents a tangible value proposition for our franchisee network.

“We’re continuing to see an increase in the volume of traffic to our website. We’ve been producing further advice online to support tens of thousands of business owners and this is turning in to increased client enquiries, alongside client referrals and walk-ins to our shops and offices.”

As well as providing tax, accounting and advisory services, TaxAssist Accountants have access to a range of in-house complementary services they can introduce their clients to including branded payroll, specialist tax consulting and financial services, which helps to both attract and retain clients, as well as providing additional income streams.

“The latest national TaxAssist client satisfaction survey suggested that where financial services were concerned, over 51% of clients were very or extremely likely to be needing these services, with over 21% of clients already using TaxAssist Financial Services.

“This is demonstrating serious engagement and demand from within our 80,000 strong client base and it connects our accountants to their clients’ future plans and goals in a deeper and more meaningful way.”

 

* The Longitudinal Small Business Survey (LSBS) was conducted between 1st November 2022 and 30th April 2023 and surveyed UK businesses in the private sector with fewer than 250 employees.

September 2023