Finances will typically be at the forefront of the minds of small business owners. After all, new product development, marketing campaigns or even just a general expansion are only possible if company capital is in good health.
Keeping track of the basics can be relatively easy. For example, if you're after a snapshot of incomings and outgoings then CashManager from Accomplish is perfect. However, whether it's at the end of the tax year or simply if it becomes a struggle to crunch the ever-complex numbers, many organisations seek out the advice of an accountant.
However, what are small business' expectations when they do so? And do they align with the realities?
Well, a recent survey by Common Ledger and Ipsos tried to find out.
Advice versus compliance
One of the main attributes that businesses look for is sound advice. This not only includes knowledgeable insights, but also the accountant's ability to best understand the organisation's sector. However, Ipsos and Common Ledger found that the majority of accountants spend 60 per cent of their time dealing with compliance, and only 40 per cent giving advice.
"Many accountants know they risk losing clients or becoming a compliance service only unless they adapt," explained Ipsos account manager Janet Chang.
The use of technology
A further expectation of small businesses when it comes to accountants is their use of technology. For example, whether or not they'll be able to garner figures from the organisation's accounting software of choice.
Fortunately, the majority of firms across New Zealand and Australia are embracing the digital space, and leveraging it to improve the relationships with their business clients.
Ultimately, Ipsos and Common Ledger found that now is an exciting time for any business-accountant partnership, as there are more opportunities than ever before to create long-standing relationships and collaborate effectively.