Businesses have always valued accountants and the services they provide. A recent study showed 1 in 4 small business owners said they would have struggled to survive the impacts of covid-19, had it not been for their accountant.
In 2018 NAB conducted a detailed study into the Australian accounting industry. They found that accountants are considered the most important professional service provider by all small to medium enterprises. This is probably why small businesses then turned to accounting agencies more than any other professional services firm.
In the last 2 years, 82% of Australian small businesses have relied on an accountant.
A Quickbooks Covid-19 recovery report revealed that 74% of small business owners turned to an accountant for support during the pandemic.
The Australian Bureau of statistics also found in a recent survey that 3 in 5 Australian businesses sought external advice from accountants last year.
An overseas study found that 70% of small business owners use an accountant, and 95% of them were very satisfied with the results.
Evidently, what is found time and time again, is the value of accountants.
In fact, it is their absence that is considered the number one reason businesses fail. The University of Technology Sydney found that financial mismanagement (lack of business experience, cash flow issues, not starting with enough capital, lack of budget framework and overuse of credit) was the most common contributor towards businesses closing down.
Accounting is critical to a businesses success. That is what we know and believe at Your Accounting Sanctuary. Our vision, our goals, our company’s name! Are all inspired by wanting to create a relaxing, accessible, straight forward way of managing finances.
Here are 4 ways that we make accounting feel like a holiday….
- We save time
Time is of the essence, and there’s never quite enough of it hey?! Day to day activities can start to feel overwhelming, stressful and frustrating when time is being allocated to the wrong things. This is why so many small to medium businesses decide to outsource specific tasks to industry experts.
- We have valuable insights from experience
We work every day, 5 days a week, every year with a range of businesses in different sectors. We know exactly what will work, what is best suited, and what is most needed for each type of company. These insights inform our choices and help tailor our services to your business.
- We are more than just a transaction!
At Your Accounting Sanctuary, we value relationships with our clients. We want to share the same passion that you have for your business, and want you to succeed. In fact, a report recently found that 27% of small business owners turned to their accountant for emotional support. We welcome this. Life moves in stages and seasons, with different wins and new challenges. As we work with you and your business, we are committing to this journey with you.
Accountants are appreciated by many, and we love that so many small businesses find the help, support and expert advice that they need. There are many surveys, studies and statistics that show the value of working with an accountant, but there’s nothing like personal experience. If you find yourself reading this and wishing you had access to help, send us an email to set up a meeting. We would love to work with you, and help make your finances relaxing and enjoyable.
https://www.accountantsdaily.com.au/business/14586-a-quarter-of-small-businesses-would-have-struggled-without-accounting-support
https://business.nab.com.au/wp-content/uploads/2018/02/J002905-Professional-Services-Insights-Report_v5.pdf
https://www.opencolleges.edu.au/careers/blog/what-is-the-success-rate-of-small-businesses-in-australia