A quarter of small businesses “would have struggled” without accounting support

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The QuickBooks COVID-19 Recovery Report found that 74% of small business owners turned to an accountant or bookkeeper for help during the height of the pandemic.

The results coincided with a recent survey by the Australian Bureau of Statistics which found that three in five Australian companies have sought outside advice, such as accounting services, in response to the COVID-19 situation.

Natira Drayton, Vice President and Country Manager, Intuit QuickBooks Australia, said advisers are the hidden heroes supporting Australia’s small business community during this pandemic, “often burning the midnight oil to help their clients access vital government actions and improve cash flow. ”.

“Accountants and bookkeepers have put in long hours, often without payment, to help small business owners not only survive, but in many cases keep their cash flow under control, pivot and find new sources of money. income, ”she said.

The report also found that over 27% of small business owners turned to their advisor for emotional support.

That number rose to 42 percent for millennial business owners.

Small business owner Kemal of Atez Electrics in Melbourne described his relationship with his advisor as critical to the survival of his business.

“As soon as this happened, I immediately called my advisor. She’s like my advisor. She put things in place so that I didn’t have to press the panic button, ”he said.

Small businesses paying for the support of an accountant or bookkeeper have increased 23% from the pre-COVID period.

When comparing research with small business owners before the COVID-19 outbreak, paying for advice from an accountant or bookkeeper is now the number one tip that small business owners have. would give to someone looking to start their own business.

The Minister for Jobs, Skills, Small Business and Family Business Senator Michaelia Cash added her support for the gigantic role that Australian small business accountants and advisers have played in helping to keep Australian small businesses at flow.

“It is important that we recognize their contribution, in helping Australian business owners navigate this unprecedented global event,” said Senator Cash.

A quarter of small businesses “would have struggled” without accounting support

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Last updated: July 13, 2020

Posted: 09 July 2020

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