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{"id":807,"date":"2021-06-05T17:59:30","date_gmt":"2021-06-05T17:59:30","guid":{"rendered":"https:\/\/www.forwardai.com\/blog\/?p=807"},"modified":"2023-01-02T08:16:16","modified_gmt":"2023-01-02T08:16:16","slug":"what-small-business-owners-want-from-accountants","status":"publish","type":"post","link":"https:\/\/www.forwardai.com\/knowledge-center\/blog\/what-small-business-owners-want-from-accountants\/","title":{"rendered":"What Small Business Owners Want From Accountants"},"content":{"rendered":"\r\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1672647065346-0f924719800938541cc7769a82f15c82-1-300x200.jpg\" alt=\"What Small Business Owners Want From Accountants\" width=\"688\" height=\"458\" class=\" wp-image-6045 aligncenter\" srcset=\"https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1672647065346-0f924719800938541cc7769a82f15c82-1-300x200.jpg 300w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1672647065346-0f924719800938541cc7769a82f15c82-1-1024x683.jpg 1024w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1672647065346-0f924719800938541cc7769a82f15c82-1-768x512.jpg 768w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1672647065346-0f924719800938541cc7769a82f15c82-1-1536x1024.jpg 1536w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1672647065346-0f924719800938541cc7769a82f15c82-1-2048x1365.jpg 2048w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1672647065346-0f924719800938541cc7769a82f15c82-1-360x240.jpg 360w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1672647065346-0f924719800938541cc7769a82f15c82-1-272x182.jpg 272w\" sizes=\"auto, (max-width: 688px) 100vw, 688px\" \/><\/p>\r\n<p>This month\u00a0<em>Accounting Today<\/em>\u00a0released the results of its inaugural\u00a0<a href=\"https:\/\/www.accountingtoday.com\/news\/what-small-businesses-want-from-their-accountants?feed=00000166-a25e-d2ac-a9e6-b3def4890000\" target=\"_blank\" rel=\"noreferrer noopener\">Small Business Accounting Insights Survey<\/a>. This survey of more than 1,000 small business owners includes some positive news and some positively startling observations on what small business owners want from accountants.<\/p>\r\n\r\n\r\n\r\n<p>If, like most of us here at\u00a0<a href=\"https:\/\/www.forwardai.com\/forwardly\"><strong>Forwardly<\/strong><\/a>, suspense just isn\u2019t your thing, let\u2019s start with the most shocking observation:<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Nearly half of the small businesses surveyed don\u2019t work with an accountant<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>We\u2019ll give you a second to pick yourself up off the floor. It\u2019s true,\u00a0<em><strong>468 of the 1,000 respondents said they\u00a0<a href=\"https:\/\/www.accountingtoday.com\/list\/a-small-business-barometer-for-2019?feed=00000166-a25e-d2ac-a9e6-b3def4890000\" target=\"_blank\" rel=\"noreferrer noopener\">hadn\u2019t worked with an accountant<\/a>\u00a0in the previous year and were not likely to do so in the coming year.<\/strong><\/em>\u00a0A direct quote from\u00a0<em>Accounting Today<\/em>\u00a0Editor in Chief Daniel Hood, \u201cThey literally can\u2019t imagine how an accountant can help them.\u201d<\/p>\r\n\r\n\r\n\r\n<p>While you ponder this, here\u2019s a bit of good news:<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>The small businesses that used accountants, loved their accountants<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>The 549 businesses that worked with accountants were quite happy with their accounting partners. Plus, the more services they were using, the higher the approval rating. The businesses that collaborated with accountants were also more profitable and experienced higher growth.\u00a0<em><strong>In total<\/strong><\/em>\u00a0<em><strong>72% of the businesses who worked with accountants were very satisfied.<\/strong><\/em><\/p>\r\n\r\n\r\n\r\n<p>The opportunity \u2014 in terms of what small business owners want from accountants:<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Accountants need to give small businesses more reasons \u201cwhy\u201d<\/strong><\/h2>\r\n\r\n\r\n\r\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\r\n<p>I want my accountant to \u201ctake care of the financial side so I can focus on running the business.\u201d<br \/>\u2014Actual small business respondent<\/p>\r\n<\/blockquote>\r\n\r\n\r\n\r\n<p><em><strong>The biggest obstacle is that small business owners don\u2019t know what they don\u2019t know.<\/strong><\/em>\u00a0It\u2019s not their fault. Turns out that when you get the keys to a business, neither an MBA or CPA is automatically included. This means it\u2019s up to <a href=\"https:\/\/www.forwardai.com\/forwardly\" data-type=\"URL\" data-id=\"https:\/\/www.forwardai.com\/accountants\">accountants to\u00a0give them the reasons why<\/a>.<\/p>\r\n\r\n\r\n\r\n<p>Small business owners need to be awakened to what a skilled small business accountant can really do for them. The narrow, limited understanding of what an accountant can actually do is the\u00a0<a href=\"https:\/\/www.accountingtoday.com\/podcast\/what-small-business-clients-really-want-from-you?feed=00000166-a25e-d2ac-a9e6-b3def4890000\" target=\"_blank\" rel=\"noreferrer noopener\">knowledge gap<\/a>\u00a0that needs to be leapt. Eyes need to be opened to the fact that accountants can do more than help you file your taxes.<br \/><br class=\"\" \/>The opening quote is true. Working with an accountant should make a business owner feel more confident. It should also make the business owner understand how fundamental this financial knowledge is to running their small business.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>What do small businesses want from their accountants?<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>Most small businesses,\u00a0<em><strong>78%, want a trusted advisor<\/strong><\/em>. Someone who responds quickly, understands their industry, offers clear, reasonable pricing and uses plain language instead of accounting lingo. Trust me, the first time anyone sees the acronym \u201cEBDIT\u201d \u2014 they\u2019re going to think you misspelled Fitbit. (<em>Or maybe that\u2019s just me.)<\/em><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-image\">\r\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"443\" src=\"https:\/\/www.forwardai.com\/blog\/wp-content\/uploads\/2021\/05\/Trusted-Advisor.png\" alt=\"\" class=\"wp-image-808 aligncenter\" title=\"Trusted Advisor\" srcset=\"https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/05\/Trusted-Advisor.png 680w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/05\/Trusted-Advisor-300x195.png 300w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>What financial problems do most small businesses face?<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>Not surprisingly, the top challenge was cash flow problems. Other problems faced by small businesses included low profitability, the loss of a major client, the need for capital and too much debt. We know we\u2019re \u201cpreaching to the choir\u201d when we say that a majority of these things all tie back to cash flow.<\/p>\r\n\r\n\r\n\r\n<p>For instance, if a business can\u2019t fund its own operations well enough to meet the needs of a major client. Not to mention what the blow losing a client can deal to a small business\u2019 bottom line. Or if\u00a0<a href=\"https:\/\/www.forwardai.com\/predict\" data-type=\"URL\" data-id=\"https:\/\/www.forwardai.com\/predict\">cash flow<\/a>\u00a0isn\u2019t managed properly, then debt will most certainly become a problem.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-image\">\r\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"844\" height=\"550\" src=\"https:\/\/www.forwardai.com\/blog\/wp-content\/uploads\/2021\/05\/common-problems.png\" alt=\"\" class=\"wp-image-809 aligncenter\" title=\"common small business accounting problems\" srcset=\"https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/05\/common-problems.png 844w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/05\/common-problems-300x195.png 300w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/05\/common-problems-768x500.png 768w\" sizes=\"auto, (max-width: 844px) 100vw, 844px\" \/><\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n<p>Notice how little these common financial issues have to do with filing taxes and looking for deductions?<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>The real opportunities lie in the kinds of advice only an accountant can give<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>The responses of trusted service and advice were a given. What was less than a given was an awareness of what kind of an advisor an accountant can really be.<\/p>\r\n\r\n\r\n\r\n<p>Most respondents were unaware of value-added services like\u00a0<a href=\"https:\/\/www.forwardai.com\/knowledge-center\/blog\/forwardai-predict\/10-reasons-accountants-should-offer-cash-flow-consulting\/\" data-type=\"URL\" data-id=\"https:\/\/www.forwardai.com\/accountants\">cash flow consulting<\/a>\u00a0that help a business understand the money it earns moves in and out of the business. Only 21%, a little less than 1\/5 of respondents, turned to accountants for value-added services like business planning, which can include cash flow forecasting.<\/p>\r\n\r\n\r\n\r\n<p><br \/>With small business survival rates being what they are, consider that those small businesses who forecast cash flow on a\u00a0<a href=\"https:\/\/www.forwardai.com\/knowledge-center\/blog\/forwardai-predict\/a-complete-guide-to-equipment-financing\/\" data-type=\"URL\" data-id=\"https:\/\/www.forwardai.com\/blog\/wp-admin\/post.php?post=785&amp;action=edit\">monthly basis<\/a>\u00a0have an 80% survival rate.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n<p>Cash flow consulting that includes analysis and forecasting helps businesses make better short- and long-term decisions. It helps them know if they can afford to hire new employees or invest in other growth opportunities. Routine analysis can also help pinpoint opportunities to cut costs or improve income.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Automation helps, but only accountants can advise<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>With cloud-based accounting software, like QuickBooks Online and its diverse ecosystem of apps, you can automate many of the manual, data-entry functions that no one \u2014 not you or nor business owners \u2014\u00a0even like to do.<\/p>\r\n\r\n\r\n\r\n<p>With simpler solutions for expense management, invoicing and other previously time-consuming tasks, now there\u2019s more time to focus on\u00a0<a href=\"https:\/\/www.forbes.com\/sites\/forbestechcouncil\/2018\/09\/13\/accounting-trends-of-tomorrow-what-you-need-to-know\/#29ba1b3d283b\" target=\"_blank\" rel=\"noreferrer noopener\">advocacy<\/a>\u00a0and building deeper relationships with business owners through services like cash flow consulting.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Get easy, insightful cash flow analytics<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>Another plus for accountants and the small businesses they serve is that more and more advanced analytics solutions are being developed to take the data within the business\u2019 accounting software and make it more usable and meaningful.<\/p>\r\n\r\n\r\n\r\n<p>This is exactly what Forwardly do. Once you connect a business\u2019 QuickBooks Online account, our proprietary algorithms comb through the data to create a cash flow analysis that includes monthly and daily cash flow projections and detailed breakdowns of receivables, payables, income and expenses.<\/p>\r\n\r\n\r\n\r\n<table class=\"table-warning\">\r\n<tbody>\r\n<tr style=\"height: 44px;\">\r\n<td style=\"width: 651px; height: 44px;\"><strong>Having trouble with managing cash flow?<\/strong> Forwardly is the one-stop cash flow management platform designed for small businesses, so you can improve your cash flow with ease and bring certainty to the business&#8217;s future. <a href=\"https:\/\/www.forwardai.com\/forwardly\"><strong>Sign up now for free.<\/strong><\/a><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n\r\n\r\n\r\n<p><em>The information in this article is not financial advice. This content is general while every financial situation is unique.\u00a0It does not replace the expertise that comes from working with an accountant, bookkeeper or financial professional.\u00a0<\/em><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><em>Image: GraphicStock. Survey results via Accounting Today.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>This month\u00a0Accounting Today\u00a0released the results of its inaugural\u00a0Small Business Accounting Insights Survey. This survey of more than 1,000 small business owners includes some positive news and some positively startling observations on what small business owners want from accountants. If, like most of us here at\u00a0Forwardly, suspense just isn\u2019t your thing, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-807","post","type-post","status-publish","format-standard","hentry","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Small Business Owners Want From Accountants - ForwardAI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.forwardai.com\/knowledge-center\/blog\/what-small-business-owners-want-from-accountants\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Small Business Owners Want From Accountants - ForwardAI\" \/>\n<meta property=\"og:description\" content=\"This month\u00a0Accounting Today\u00a0released the results of its inaugural\u00a0Small Business Accounting Insights Survey. 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