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Accountants, Small Businesses Finally See Growth
BY MICHAEL COHN, MOUNTAIN VIEW, CALIF. | FEBRUARY 23, 2011
Accounting professionals and small businesses are poised for progress as long as they continue to invest in new technologies, marketing and advertising, and face-to-face
time with clients, according to a new survey.
The survey, by Intuit, asked accounting professionals and
entrepreneurs about the challenges they face in growing their
businesses, maintaining the accountant-client relationship and
remaining competitive in the marketplace. The findings also include
a snapshot of both groups’ economic outlook and their thoughts on
the use of new technologies, online applications and engaging with
customers.
In a considerable showing of resilience, 65 percent of accounting
professionals and 54 percent of small business owners said their
companies grew in the last 12 months. Despite this growth, however,
75 percent of the accounting professionals and 80 percent of the
small business owners surveyed rate today’s economic climate as
“just fair” or “poor.”
Both groups expressed optimism for the future, with 94 percent of
accounting professionals and 87 percent of small business owners
seeing opportunities to grow their businesses in today’s economy.
In ranking the major factors behind growth, 77 percent of the
accounting professionals who were surveyed said “access to
industry news and/or trends” is the most important, while “investing
in new technology” ranked second. Seventy-three percent of small
business owners placed “marketing and/or advertising” as the
most important; 57 percent said they plan to focus on “expanding
their range of offerings.”
When asked what keeps them up at night, 32 percent of accounting
professionals said “keeping clients happy.” For 26 percent of small
businesses, “paying bills” is their number one concern.
In a considerable showing of
resilience, 65 percent of accounting
professionals and 54 percent of small
business owners said their companies
grew in the last 12 months… Both groups
expressed optimism for the future, with 94
percent of accounting professionals and 87
percent of small business owners seeing
opportunities to grow their businesses in
today’s economy.
