Small businesses in the Bay of Plenty and across Aotearoa New Zealand have experienced a tumultuous few years, filled with uncertainty and economic downturn.
But in the face of adversity, there’s no doubt small business owners are increasingly turning to their trusted accountants and bookkeepers for advice and support when they need it most.
Xero’s State of the industry report has revealed unique insights into the future of the accountancy and bookkeeping industry which suggests advisers do more than taxes and balance books.
To meet demand, many accountants and bookkeepers are looking to expand their services to strengthen their offering, with almost all practices now offering advisory services.
This includes supporting the implementation of software (70%), planning and budgeting (62%), and analysing business performance (62%).
With the pandemic, inflation, and rising cost of living, these past few years have been challenging for our small business economy.
Through this all, accountants and bookkeepers have played a crucial role in guiding their clients through choppy waters and uncertain times.
By taking on a ‘personal trainer’ type role, they offer more than just tax compliance and planning strategy.
Accountants and bookkeepers can assist with driving new revenue, better outcomes and ultimately help foster business success as an informed advisor.
With practices expecting clients to need more support in the future (70%), it is clear advisors will continue to be a lifeline for small businesses in the years ahead.
Practices who proactively expand their advisory offerings will be best prepared to deal with client needs moving forward.
Taking on a more advisory role has positively impacted the bottom line for many practices, with 60% seeing increased revenue over the past 12 months.
As a result, they’re in a position to better support small businesses, with many practices claiming their clients’ needs are better met, and over half reporting better client confidence and trust.
It’s important for accountants and bookkeepers to continue providing help and guidance to small businesses, as their support could be the difference between a small business weathering the storm or shutting up shop.
The relationship between an advisor and a small business is crucial.
Accountants and bookkeepers have the knowledge and skills to help small businesses with everything from planning and budgeting, to embracing technology and digital tools which help improve cash flow and productivity.
By integrating a business advisory approach into their offering, accountants and bookkeepers will be better positioned to help small businesses navigate these challenging economic times and into greener pastures.
So don’t just view your accountant and bookkeeper as a compliance and tax advisor – look at them as a lifeline and support network for your small business.
Are you looking for a Xero trusted advisor for your business?
Visit www.xero.com/nz/advisors/ to find local assistance and expertise to take your business to the next level.