News
Accountants earn small businesses $45.3bn throughout pandemic
Australia’s small businesses turned to their accountant last year for advice and support, with billions flowing to the sector through grants, investment and financial advice and savings.
New research by Intuit QuickBooks shows that about $36.4 billion flowed into the small business sector last year due to advice provided by accountants. A further $8.9 billion in savings over the same period has been earned as a result of recommendations by their advisors related to debt consolidation, budgeting, retirement planning, taxes and how to cut costs on financial products.
Nearly 80 per cent of small business leaders surveyed said that their adviser played a pivotal role in securing government support in the last year, while advice courtesy of advisers saw 67 per cent of small businesses retain staff.
As well as earnings and emotional support, the report found that advisers saved more than two-thirds of small businesses an average of 20 hours a month — a total of more than 16,000 hours saved across the sector.
Mandy Sigaloff, Managing Director of TaxAssist Accountants, said: “Our accountants have worked tirelessly to support their clients through the pandemic, and have played a crucial role in enabling local businesses to survive.
“It is vitally important for small businesses to have a trusted advisor, someone they can turn to for all important financial guidance, which allows them to make the most of opportunities that exist and to take away the worry of their finances, enabling them to focus on what they do best - running their own business.”
If you’d like to find out more about the services that TaxAssist Accountants offers, we provide a free initial consultation. Please contact us on 1300 513332 or contact us via our enquiry form here.
Date published 9 Jun 2021
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