Accountants are reportedly the UK’s “number one” go-to business service, according to Sage, the leader in accounting, financial, HR and payroll technology for small and mid-sized businesses.
According to Sage, when asked what services they would go to when first starting out a business, SMEs named accountants as the number one (34%) “go to service”.
Over a quarter (28%) said Covid-19 had driven them to seek out the help of an accountant and a fifth (18%) named Brexit as the driving factor. In fact, during the pandemic, over half increased their reliance on accountants.
Sage also found that two-fifths (39%) of SMEs name Making Tax Digital as the number one reason they sought accountancy services.
The ‘Count on Accountants’ research also suggests 91% of small businesses rate accountants as an “important part of their business’ operation”, while half (49%) of SMEs go to their accountant for strategic business guidance.
Named by small and mid-sized businesses as ‘critical’, the new study discovered a “staggering” 92% of SMEs use the service of an accountant, with half (49%) using their services at least weekly.
Paul Struthers, MD, UK and Ireland, Sage, said: “ Accountants play a critical role in accelerating this success and our research shows they are vital to the UK’s economic recovery. Our research shows accountants have an open door to become a de-facto strategic partner for their clients – this is an opportunity they must embrace.”
Lydia Read-Potter, director, Book Smart Accounting, added: “As an accountant, this research is compelling and an assurance that the nation’s businesses stand by our side and appreciate how we can fuel their business dreams.”