How Accountants (& Bots!) Can Unlock New Levels of Revenue for UK SMBs
And How to Take It Even Further
In the UK, small and mid-sized businesses (SMBs) are the sturdy backbone of our economy, with 5.5 million enterprises responsible for £2.4 trillion in value. Our SMBs are the underdog champions, facing a mountain of challenges, even more from the recent Labour government budget. But there’s good news: a recent study by Intuit QuickBooks, in association with Goldsmiths, University of London, Symmetry Research, and the Association of Chartered Certified Accountants (ACCA), revealed that accountants are more than just “number crunchers”, they’re revenue-boosting, stress-relieving heroes!
Accountants: More Than Balancing The Books
The study shows that accountants aren’t just helping with taxes; they’re boosting SMB revenue by a staggering 11.5% on average. Accounting professionals are like business ninjas, tackling everything from payroll to strategy. And the proof? A survey of 4,000 SMB managers found that 95% would recommend an accountant, not just for the number-crunching but for their expanded roles as advisors. Many businesses find they simply couldn’t navigate the complicated web of today’s fiscal and strategic landscape without one.
As a founder and CEO of an SMB myself, I couldn’t agree more, the support and expertise of a modern accounting professional is as indispensable as the computer I’m currently typing this article on.
The Price of “Doing It Yourself”
For those trying to brave it without professional accounting, beware! DIY accounting may seem cost-effective, but is often a false-economy and leads to costly mistakes, penalties, and sleepless nights. Nearly 70% of SMB owners in the study noted that professional accounting helped them secure loans and funding, which is support that a spreadsheet and a winning mentality simply can’t offer. And for some, particularly in the North East, not having an accountant meant a drop in sleep quality! If spreadsheets are keeping you awake, maybe it’s time to get help.
How Bots and AI Can Amplify This Value
So, it may be fair to say that our accountants could be considered nothing less than a national treasure for our SMBs and our economy. And it’s therefore imperative that they have the best support from the best technology … Enter Bots For That.
Imagine if accountants could double down on their high-value activities without bogging down in routine tasks—this is where Bots and AI shine. By automating repetitive tasks like invoice processing, reconciliation, payroll entries, and tax submissions, Bots allow accountants to stay in “hero mode” without breaking a sweat. Here are a few areas where Bots and AI can turn accountants into revenue-generating machines for their clients:
- Automated Invoicing: Late invoices? Not on Bots’ watch. With automation, accountants can trigger reminders and process payments without lifting a finger, keeping SMBs’ cash flow healthy.
- Data Entry and Reconciliation: Bots eat data for breakfast. By automating the reconciliation process, accountants can focus on providing insight, instead of sifting through numbers. Time saved = more time advising!
- Payroll Automation: A simple bot can handle payroll runs with precision, ensuring employees are paid accurately and on time, no swivel-chair data entry needed. This frees up accountants to tackle valuable (and human) business challenges.
- Regulatory Compliance: A single click, and BAM! Compliance deadlines are met, tax obligations are fulfilled, and fines are avoided. Bots can track deadlines, fill forms, and even submit documents, making compliance a breeze. Add an AI Chat tool that works seamlessly with the Bot, and you’ve automated a huge proportion of your day-to-day, time-consuming client queries too.
By using Bots For That’s specialised “Beanie Bots”, accounting practices not only save time but also increase the quality of insights they provide, which means more value for clients, more referrals, and, yes, even more growth.
A New Era: The Accountant + Bot Duo
In a world where SMBs have more on their plates than ever, this dynamic partnership of accountants empowered by Bots and AI is the ultimate combo for driving revenue, reducing stress, and paving the way for sustainable growth. Bots For That is here to ensure accountants can deliver exceptional results without sacrificing sleep or sanity, and that SMBs can thrive without breaking the bank.
If you’re an accountant, now’s the time to invest in Bots. And if you’re an SMB, it’s high time you had a trusted accountant powered by best-in-class tech. The future of accounting has arrived, bring your business along for the ride!
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