“It’s probably in the top five, nothing to do with accounting, but overall, it’s a top-five.” — Andy Majkut, owner of Majkut CPAs in Elyria, OH, said about a deer shattering a double-pane window at his office last month. If that’s not the craziest thing Majkut has seen during his career in public accounting, what […]
It must be survey season so since you kids received the last one so well (surely I jest), we humbly present this latest survey of 1,217 Intuit small business and 1,200 Intuit accountant customers between Oct. 15 – 20, 2010. Thanks, Intuit!
The good news is that there really is no good news but that hasn’t put a damper on survey respondents’ view of things to come. It’s sort of exceptional, in our opinion, that 75 – 80% of respondents feel today’s economic climate is just fair or poor but more than that feel optimistic about opportunities in the future.
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, 75 percent of accounting professionals and 80 percent of small business owners 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.
Well if there are going to be new opportunities once things look up, where are they going to come from? According to respondents, news and technology are the key:
77 percent of accounting professionals said “access to industry news and/or trends” is the most important; “investing in new technology” ranked second.
73 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.”
Funny, Sage just asked 533 accountants and IT professionals what keeps them up at night and they responded with getting new clients and regulatory compliance. For Intuit’s respondents, however, client retention ranked higher than finding new ones.
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.
Fine, so what does all this mean?
“Accounting professionals and small business owners are extremely adaptable and flexible individuals,” said Shawn McMorrough, lead research manager of Intuit’s Accounting Professionals Division. “Despite feeling the pinch in this challenging economic environment, they are optimistic and continue to weather the rapidly shifting business environment. Their unrelenting passion for serving their customers helps accounting professionals and small businesses succeed in the face of any challenge the market presents them.”
Should the rest of the world take that as a good sign that things aren’t as bad as Jr Deputy Accountant, Michael Panzner and the Mogambo Guru might make it seem? It looks that way, though the doomsayers are still in business for the foreseeable future. Yay?
“She would be prepared to read the news without clothes and only wears the clothes because her employer requires it.”
~ An accountant representing Sian Williams, co-host of BBC Breakfast one, trying to convince a tax tribunal that her clothes should be tax deductible because she has “to look good on screen.” He failed.