SME business leaders in the US want accountants to become future ‘business partners’ to help them shape and grow their companies. According to a global survey by Dext, the digital accounting platform, many businesses want accountants much more closely involved, believing the skills they offer are integral.
Younger tech savvy business people in particular are keen to partner with accountants. Well over half (71%) of 18-34 year olds say they want their accountants to be business partners. 63% of 35-44 years old feel the same. This number drops slightly with older business people. 28% of 45-54 year-olds want an accountant as a partner and only 36% of 55+.
Many businesses believe accountants make excellent virtual CFOs, according to the data. 81% of 18-34 year olds say accountants are useful in this role while 76% of 35-44 years old feel the same.
The provision of real-time data by accountants is a priority for many in the SME community who want to grow their businesses. A majority (90%) of 18-34 year-olds say real time data is very important while 88% of 35-44 years-olds feel the same. Real-time data is still important for the 55+ group with 86% saying it’s key to growth. Over half (52%)of those polled also thought accountants were the best people to help with tax relief - more than bookkeepers, financial planners and management consultants.
Dext CEO, Adrian Blair, said: “It’s fantastic to see so many in the business community waking up to the power of accountancy. “A good accountant, using the right software tools, can do so much for a business and people are now beginning to really understand this. “It’s clear that having a full picture of business finances, in real time , is critical to business success, and accountants are crying out for tools to help businesses succeed in these turbulent times. “Recovery won’t happen overnight, but SMEs are the lifeblood of the US economy, and supporting financial planning with expert accountant advice will help businesses move in a positive direction towards growth.”
A vast majority of businesses polled believe robust financial planning is the only way to grow. 82% of 18-34 year-olds say this type of planning is crucial for the growth they want in the next 12 months. 94% of 35-44 years-olds feel the same. The numbers are similar for older groups - 95% of 45-54 and 86% of 55+.
Dext, formerly Receipt Bank, recently celebrated their 1 millionth user. The company added a quarter of a million to its total user numbers in 2020, doubling over the past two years and acquiring data assurance software Precision (formerly Xavier). The growth of Precision is a sign of the future trajectory of Dext.
The company’s flagship product Dext Prepare (formerly Receipt Bank) has the ability to automatically capture and categorize financial paperwork in seconds.
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