Accountancy speed is top priority for SMEs, research shows

A new survey from business software provider Exact has identified the top demands from SMEs when it comes to accountants, with speed being revealed to be the main priority.

The study, which surveyed 2,500 SMEs and accountants, also found that SMEs are twice as happy with using an accountant that is tech-savvy.

Tripled

The survey also showed that more accountants are now offering their services online, with the number of online accountants being found to have tripled since 2015.

Accountants are also improving their services to meet the demands of businesses, with 37 per cent now focusing on improving their IT and software knowledge. This was followed by core accounting knowledge at 33 per cent and communication skills at 30 per cent.

Over 65 per cent of accountants are now focusing on better integration of admin software, whilst 62 per cent are planning to replace paper forms with online forms and 43 per cent will be focusing on improving home and mobile access.

The research also found that SMEs in the UK are turning towards online services to complete their accounts, with the number of SMEs now entering their data online increasing from 10 per cent in 2016 to 16 per cent in 2017.

Commodity

Exact General Manager Gavin Fell commented: “Rising demand for information ‘now’ combined with advances in new technology mean that accounting is increasingly seen as a commodity. Accountants that can keep the pace providing real-time and in-depth business insight for clients, have the best chance.”