The Changing Role of Accountants in Small Business Management
Recent research commissioned by Intuit Software has highlighted the significant impact that professional accounting services can have on small business owners. The study, conducted by Chris Brauer from Goldsmiths, University of London, Symmetry Research, and the Association of Chartered Certified Accountants (ACCA), emphasized the crucial role that accountants play in helping SMEs manage cash flow effectively.
According to the study, 71% of small and mid-sized businesses agreed that professional accounting services improve cash flow management, leading to smoother decision-making processes. Additionally, 73.1% of respondents noted that using accounting services strengthened their financial reporting, opening up opportunities for securing bank loans and government grants.
Furthermore, the research highlighted that SME leaders who engaged accountants experienced a positive impact on their financial literacy, with many acknowledging the valuable role accountants play as strategic financial advisors. Despite the growing integration of technologies like artificial intelligence (AI) in accounting software packages, accountants continue to provide essential guidance on business planning, tax compliance, and financial management.
However, the study also acknowledged the challenges that the accounting profession faces as AI advancements may automate traditional accounting tasks. This shift towards AI-driven solutions has prompted discussions on the evolving role of accountants in the digital age.
Experts like Marianna Tressel, executive vice-president at Intuit, believe that AI is reshaping the business landscape, offering both opportunities and disruptions. Tressel highlighted the transformative potential of conversational AI and its impact on human-computer interactions, emphasizing the need for accountants to adapt to technological changes.
In response to the evolving landscape, UK-based cloud accountancy firm Boffix’s head of accounts, Aaron Patrick, emphasized the importance of niche expertise for accountants. By specializing in specific sectors and offering tailored advice, accountants can demonstrate value to their clients and transition into business advisors.
Intuit’s recent acquisition of MailChimp in 2021 has enabled the development of innovative solutions like the Intuit Accountant Suite, an AI-native platform designed to empower accounting firms with scalable tools for client and team management. This platform equips accountants with access to integrated data silos, enabling them to provide holistic insights into their clients’ financial performance.
As the accounting profession continues to evolve in response to technological advancements, accountants are poised to leverage AI-driven platforms to enhance their advisory role and deliver strategic value to SMEs.
