Bookkeepers and accountants are the heroes for small business
Aside from providing invaluable support over the past 12 months, Intuit QuickBooks research shows small businesses with a trusted bookkeeper or accountant were able to save and also make substantially more money than those without access to these important business advisors, as well as enjoy a range of non-financial benefits. Over the following pages, we explore the top level findings from the research.
The financial benefits of working with advisors
Savings and support for small business
Accounting advisors deliver income boost
$8.9 billion : the amount small businesses have saved over the past year from working with their business advisor
$4,769 : the average amount small businesses saved over the past year thanks to the help of their financial support crew
39% of small businesses have saved up to $4,000 thanks to their financial advisor in the past year
52% of small businesses have saved up to $6,000 thanks to their financial advisor in the past year
$63,580 : the value of the government support business advisors have secured for their small business clients over the past year on average.
$45.3 billion : the extra funds small businesses have enjoyed in the last year through access to grants, investment guidance or from other business advice
$19,462 : the average additional income small businesses have secured thanks to their business advisors over the past year
59% of small businesses have an extra $500 to $40,000 as a result of working alongside their bookkeeper or accountant
27% of small businesses have made up to $10,000 in the past year thanks to the business advisor
5% have made $60,000 or more thanks to the help of these
professionals
The non-financial benefits of working with advisors
While the research showed small businesses reap substantial financial rewards from working with advisors, they also enjoy a range of non-financial benefits from employing an accountant or bookkeeper.
Counting the hours: the time
advisors save their clients
Business advisors offer more
than just financial support
16,615 hours: the number of hours business advisors save SME clients per month nationally
8.9 hours: the number of hours business advisors save each client per month
69% of small business leaders save up to 20 hours a month thanks to their business advisor
55% of small business leaders save up to 10 hours a month thanks to their business advisor
15% of small business leaders save more than 20 hours a month thanks to their business advisor
57% of small businesses say they would have struggled to keep going without the support of their advisor over the past year
50% of SMBs relied on their business advisor for emotional support
34% of SMBs relied on their business advisor for help with their business strategy
30% of SMBs relied on their business advisor for help with their cash flow
30% of SMBs relied on their business advisor for help with government stimulus programs like JobKeeper