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Accountants ‘Considered Vital’ By Business Owners

A new survey of small business owners has found that accountants have played a vital role in supporting small and medium-sized enterprises (SMEs) during the pandemic.

TechRadar shared the findings of a survey conducted by Xero, which revealed that 43 per cent of small business owners felt their accountant had “played a vital part” in their survival during the pandemic.

In addition, 37 per cent of those questioned believe that their financial advisor was instrumental in helping them retain staff during the worst of the disruption caused by the Covid-19 pandemic this year.

What’s more, 45 per cent of respondents said that their financial advisor is now more important to them than ever before.

Managing director of Xero Gary Turner commented: “Behind every resilient small business there’s a hard-working accountant. They have played such a huge role in saving, and often transforming, small firms adapting to the pandemic.”

The research also revealed that the areas where accountants provided the greatest support to business owners were surrounding VAT and payroll.

As we recently revealed though, many small businesses fail to hire an accountant to support their company. In an article for Forbes earlier this year, Mark McKee, president and COO of OnPay, described accountants as an “untapped resource” for many small businesses, but one that they could benefit substantially from using.

If you’re looking for assistance with managing the finances of your business, find Xero accountants in Bourne End who can provide the additional support you require to see your company grow and thrive.

Published On: October 14, 2020

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