Anybody who has their own company or who has taken the leap into self-employment knows how empowering—and how lonely—it can be to build a business from the ground up. And when you add to that the stress of ongoing accounting tasks required to keep the business organized and profitable, you discover even more challenges that many business owners simply don’t have time to address.
In honor of Accounting Week, we wanted to share some insights about the importance of accountants and the value they bring to the table through their knowledge, understanding, and faith in your business and where it’s going. Because hiring an accountant should never just be about keeping the books balanced.
Small business owners surveyed say accountants are a smart investment
In the TSheets 2019 Tax Season Debrief, small business owners (those with employees) and self-employed small business owners (those without employees) surveyed said hiring an accountant is money well spent.*
89% of self-employed small business owners who hired an accountant to help them with taxes this year said the money was worth the investment. Small business owners said the same. 87% of small business owners who used an accountant to help with their federal taxes this year said doing so was worth it.
And that’s in line with a similar survey conducted in 2018, wherein TSheets and QuickBooks Payroll asked 600 small business professionals—business owners, accountants, and payroll administrators or bookkeepers—about their business’s tax habits. Of the respondents who said an external accountant or tax experts
- 85% said hiring an external accountant or tax expert helped them save money.
- 90% said hiring an external accountant or tax expert helped them save time.
- 89% said hiring an external accountant or tax expert helped them reduce stress.
- 85% of business owners say hiring an external accountant or tax expert helps them stay compliant.
- 84% said hiring an external accountant or tax expert helped them plan ahead.
As we learned from TSheetsPRO Katey Maddux at Millennial Accounting, young entrepreneurs, small business owners, and self-employed people are not dragging their feet when it comes to growing their business. Many understand that they need help managing the financial side of their business and are very willing to get help from an accountant like Maddux.
Accountants are still trusted over artificial intelligence
TSheets’ 2018 analysis of the future of the accounting profession taught us a lot about how people feel about sharing sensitive financial information. As artificial intelligence quickly becomes a huge player in the accounting profession, it’s clear that people will still find significant value in having real, live accountants backing their business. In the study, 28% of respondents said they’d feel comfortable sharing sensitive financial information with an accountant, and only 1% said they feel the same about sharing it with AI-powered accounting software.
Small business owners and self-employed people know first-hand the impact a talented, trustworthy bookkeeper can have on savings, their stress levels, and their bottom line. Know an accountant you couldn’t live without? Make their day by leaving them a review or giving them a shout-out on social media! And a warm TSheets thank you to all the amazing accountants and bookkeepers keeping small businesses afloat! Happy Accounting Week!
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