Owner Managed Business (OMBs) name accountants as ‘number one’ service, report finds.

By 10th January 2022News

91% of small businesses rate accountants as an ‘important part of their business’ operation’ and just under half (49%) of all OMBs go to their accountant for strategic business guidance.

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, OMBs named accountants as their 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 OMBs 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 of small businesses 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 OMBs use the service of an accountant, with half (49%) using their services at least weekly.

Paul Struthers, MD, 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.”

Ross Boyd, CEO of RB+ Chartered Accountants added “This research supports the need to provide OMBs with the important financial services they need to not only run their businesses but enable them to grow profitably through adding wealth which has been our focus here at RB+ for over ten years”.

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