CCH, a Wolters Kluwer business commissioned Lonergan Research to survey over 1,000 Australian owners of small- to medium-sized enterprises (SMEs) and over 210 accountants who have these SME owners as their clients in March 2013. Key findings Mr Evans discusses on Switzer include:
* 61% of SMEs rank "Failure to manage costs or anticipate rising costs" as the No.1 reason why small businesses fail;
* 70% of SME owners trust their own "gut instinct" over any professional advice;
* Only 37% of accountants said they provide their SME clients with strategic business advice;
* 63% of an accountant's time is spent handling transactional or administrative functions for their SME clients;
* Only 23% of accountants servicing SMEs have moved to cloud-based software to manage their SME clients' accounts;
* 52% of SME owners would consider replacing their accountant if they did not move to a cloud-based system - rising to 72% among younger-aged SME owners (aged 18 to 34);
* 64% of SME owners would consider replacing some of the roles their accountant currently performs with their own cloud-based software - moving to 81% among younger-aged SME owners. Despite the risks,
* only 52% of accountants expressed concern about losing services to the cloud;
* 77% of the Australian accountants surveyed are yet to make the move to cloud-based accounting software, yet
* 60% are expected to do so within 3 years.
Visit: cch.com.au/au/MediaRelease/MediaReleaseIndex.aspx for the corresponding CCH media releases.
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