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Wednesday, April 15, 2009

Intuit Study Shows Small Business Owners Issues have Changed in 6 months

Intuit, has reissued a portion of a US survey originally conducted in July 2008 to see changes with small business owners and accountants in mid-January 2009.

Small business owners' biggest concerns have changed.

"Finding time to develop and run my business" the second largest concern in the summer 2008 survey,has dropped more than 50 percent in the January 2009 survey, landing right before "keeping up with the competition" (6 percent).

"Paying the bills" has grown by 10% to the number one concern in the US.

More and more it seems small business owners are looking for help, advice and coaching. Where do they turn? To trusted advisors, most often, their accountants.

* Nearly 80 percent said they would feel more confident having an accountant as a close business advisor during this time.
* 40 percent expressed an interest in getting business advice and consulting from their accounting professional – nearly double.

How are accountants responding?

66 percent of accountants surveyed have increased services they offer, including:

* Business consulting.
* Payroll services.
* Tax services.
* Bookkeeping.
* Online accounting.

Signs of the times? Or does it take a recession to convince accounting firms that they are in a privileged position to help their small business clients. What's your opinion?

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