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Sunday
Feb012009

Recession-struck entrepreneurs desperate for accountant's advice

New research by accountsIQ reveals the nation’s SMEs are crying out for more quality time with their accountants. The online accountancy solutions provider commissioned Vanson Bourne to look at the relationship between small business owners and their accountants, and found the recession had left 82% eager for better guidance.
This figure compliments recent surveys by Graydon UK and the Forum of Private Business (FBP) that both cited the accountant as the entrepreneur’s most trusted business advisor. Yet the same FBP survey showed that 36% of respondents had not met their accountant in the last year.
“If anything, this proves that accountancy firms are becoming disengaged from the communities they serve,” said Will Parker, UK country manager for accountsIQ. In times of increasing competition and ever lower margins, it seems clear that things cannot remain as they are for long.
As Dennis Howlett has pointed out, “in tough economic times, [software as a service] represents one of the few technical solutions through which accountancy professionals can provide a differentiated service whilst reducing their operating costs.”
“The best time to determine when to make a change is when business conditions dictate,” Parker added, “specifically when accurate, immediate business information is needed and when costs must be tightly controlled; which is arguably now.”
Accountancy’s software-as-a-service providers, from the PLCs to the one man bands, will be counting on it. 

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