A recent study has unveiled a compelling link between professional accounting services and revenue growth for small and medium businesses (SMBs) in the UK.

Conducted by Intuit QuickBooks, in collaboration with Dr. Chris Brauer of Goldsmiths, University of London, Symmetry Research, and the Association of Chartered Certified Accountants (ACCA), this research highlights how the expertise of accountants significantly benefits businesses of all sizes. Here’s a breakdown of the key findings and their implications.

The Role of Accountants in Boosting SMB Revenue

The study reveals that SMBs using professional accounting services experience an average revenue increase of 11.5%. This impact varies by business size:

• Sole Traders: An average revenue increase of £6,176 per year (8.9% growth).
• Microbusinesses (1–9 employees): A 7.9% revenue increase on average.
• Small Enterprises (10–49 employees): An impressive 10.1% uplift, equating to £180,157 per year.
• Medium-sized Businesses (50–99 employees): A 12.8% increase on average.
• Larger SMBs (100–250 employees): An increase of 13.7% on average, equating to £553,009 per year.

These numbers highlight the role accountants play in elevating financial management, strategic planning, and tax compliance—critical components in driving sustainable revenue growth.

Read More: How to Become an Accountant: A Guide

Improved Financial Confidence and Access to Resources

The study found that 73.1% of SMBs reported strengthened financial reporting after engaging with professional accounting services. This benefit often opens doors to additional resources, such as bank loans and government support, which are vital for business expansion.

Rob Burlison, Director of International Corporate Affairs at Intuit QuickBooks, emphasised this impact, stating that accountants help businesses increase liquidity, reduce costly mistakes, and optimise financial performance, making them invaluable partners in SMB growth.

Mental Health Benefits: Reduced Stress and Increased Well-being

The research also underscores the mental health benefits of professional accounting support. A staggering 88.3% of SMB owners expressed concerns about making financial errors, with 38.3% reporting reduced confidence and 27.8% experiencing sleep loss due to financial stress. However, with accounting support:

• 80% of SMBs noted a moderate to transformational reduction in stress.
• Time Savings: SMBs save an average of 9.1 hours per week by using accounting services, allowing leaders to focus on core business activities. For sole traders, the average is 4.7 hours saved weekly, while mid-sized businesses gain back as much as 11.6 hours per week.

Dr. Chris Brauer highlights that these time and stress reductions further enable SMBs to focus on growth, decision-making, and overall long-term success.

Read More: 8 Tips on Looking After Your Mental Health as an Entrepreneur

Addressing the Economic Growth Potential

The study indicates that only 78.6% of SMBs currently use accountants or bookkeepers, leaving a significant 21.4% of businesses untapped. If these businesses engaged with accounting services, they could contribute substantially to the UK economy’s growth potential. Regional data shows that the use of accounting services varies widely:

• North West England: 80% of SMBs have an accountant or bookkeeper.
• Northern Ireland: 93.3% of SMBs utilise these services.
• South West England: Only 68.7% of SMBs have accounting support.

Across Wales, SMBs save an average of 12.1 hours weekly using professional accounting services, while in Scotland, businesses save 9.2 hours. With these time savings, leaders can re-invest their efforts into other business areas, such as product development, customer relationships, and market expansion.

Read More: SME Decision-Makers Increasingly Use Personal Finances to Drive Business Growth

The Transformative Impact of Accountants on SMB Success

In summary, the study reveals that accounting services are far more than a support function—they are a catalyst for growth, financial confidence, and well-being among UK SMBs. Glenn Collins of ACCA points out that accountants help SMBs navigate challenges, reduce financial risks, and make data-driven decisions. This research not only highlights the economic impact of accountants on revenue growth but also showcases the broader benefits of improved mental health and time savings, illustrating their critical role in the SMB economy.

As SMBs continue to drive the UK’s economic landscape, leveraging professional accounting expertise could help unlock significant growth potential, mitigate risks, and improve both the financial and personal well-being for business owners across the country.