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The Changing Role of Accountancy - Intuit Research Snapshot

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Complete blog post, infographic, video and event details: http://bit.ly/UKacct6 …

Complete blog post, infographic, video and event details: http://bit.ly/UKacct6


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  • Only 34% of SMBs currently think of their accountants as strategic business consultants
  • Only 34% of SMBs currently think of their accountants as strategic business consultants
  • Transcript

    • 1. Findings from Intuit’s ‘The Changing Role of Accountancy’ study  Includes feedback from 100 accountancy firms and 200 SMB’s across the UK  The study demonstrates the need for British accountants to wake up to the cloud or risk losing clients  Research was conducted by Coleman Parkes in September and October 2013
    • 2. Download the infographic http://bit.ly/UKacct6
    • 3. The Technological Divide There is currently a technological disconnect between what SMBs want, and what their accountants are offering.
    • 4. The Technological Divide of SMBs believe accountants need to: 60% • • increase their skill set and modernise their brand update all their accountancy software move to the cloud (nearly all SMBs believe cloudbased accountancy solutions have to happen, and all are willing to pay for it) SMBs 61% of accountants’ clients call for a cloud-based solution…. UK SMBs are advocates of cloud-based services and cite many advantages. 8 in 10 agreed the cloud would streamline their services, improve efficiencies, provide better service and more strategic services Cloud-based accountancy software is a development area – accountants believe it would allow them to be more mobile (72%), keep them ahead of the technological curve (72%) and would update their software (66%) 88% of SMBs believe the cloud will enable them to work more closely with their accountant and develop the right relationship 85% Accounting Firms …a little over a third (37%) of accountants could furnish this request Main barriers in moving to the cloud are centred around security concerns. Inertia seems to prevent 70% of accountancy firms moving to the cloud and cost is low but still a significant barrier to 56% of accountants in the survey said technology gave more opportunity to new market entrants
    • 5. Adding Value The accountant’s role is evolving and becoming more important to small businesses across the UK. Over the past five years it has shifted significantly from ‘Number Cruncher’ to ‘Financial Advisor/Consultant’
    • 6. Adding Value Small businesses in the UK also support this shift as they say they have seen their accountants take on a more financial adviser/consultancy role: 5 years ago Today Looking Ahead 70% of SMBs perceived their accountant as a number cruncher, while 34% thought they were more of a financial consultant and 28% considered them a business consultant or advisor 54% of SMBs label accountants number crunchers, 69% see them as financial advisors and 34% think of them as business consultants or strategic business advisors 62% of SMBs think accountants will be more like financial consultants, with only half still seeing them as a service that deals purely with numbers
    • 7. Adding Value To remain competitive accountants are diversifying their portfolio of services and updating their software. 50% …are repositioning themselves in the market. They perceive technology as the key to doing this. 84% …of small businesses want their accountant to be their CFO
    • 8. Revenue Opportunities The changing demands of SMBs has demonstrated that there are ample revenue opportunities for accountants
    • 9. Revenue Opportunities Opportunity… …Missed More than seven in 10 (71%) accountants business would receive a boost if clients used technology more effectively, and 67% said new innovations would help small businesses compete with bigger firms A large proportion of accountants are failing to provide additional services. While 81% report a demand for project financing and reporting, just 36% currently offer such a service 65% of SMBs have an immediate need for business advice while 31% believe it will be important in the near future. Only 4% didn’t perceive a need for it at all 82% of SMBs believe accountancy firms need to be more proactive in developing services and will be looking to work with an accountant that can provide them with online or web-based accounting services… …And a further 68% believe non-accountancy firms will be left behind The majority of small businesses are prepared to pay for the additional services including: 65% business consulting advice; 72% project financing and reporting; 58% would pay for cloud computing… … despite only 37% of accountants who could see how providing this technology would help make them money
    • 10. Further Information 1. Press Release bit.ly/CloudStudy13 2. Video http://bit.ly/Cloudv 3. Infographic & blog http://bit.ly/UKacct6 About Intuit in the UK Intuit in the U.K. helps small businesses get paid, manage their money and pay their employees, and accounting professionals be more productive and grow their practices. The company’s flagship products in the U.K. include QuickBooks, QuickBooks Online, QuickBooks Payroll and Intuit Pay. For more information visit www.intuit.co.uk Contact Tariq Ahmed, Head of Communications, Intuit Europe tariq_ahmed@intuit.com +44(0)20 7824 0002

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