Everyone dreams of getting in on the ground floor of a startup, but how do they engage accounting services and, moreover, how do startups, start up?
Let’s address the question both from a numbers and an on the ground experience perspective.
By the Numbers
Palo Alto Software, who run a business planning website www.bplans.com and are the creators of the business planning software LivePlan, recently released a report “What Small Businesses Want From Accountants and Advisors.” Based on survey data, they analyzed early-stage small businesses and the overall small business market in general.
Here are some highlights:
What services do early stage small businesses want from their accountants?
• 71% Tax planning
• 71% Cash planning and forecasting
• 61% Bookkeeping
• 61% Monthly management reporting and Key Performance Indicators (KPI)
• 61% Business planning and strategy
• 38% IT and software
• 35% Business Coaching
• 34% Human resources
Overall, do small businesses have an accountant?
• 48% No accountant at all
• 20% Yes, but meet quarterly or less
• 18% No, but have one on staff
• 14% Yes, meet monthly
Overall, what accounting solutions are small businesses using?
• 64% MS EXCEL
• 14% QuickBooks Desktop
• 14% QuickBooks Online
• 8% Other cloud-based solution
Overall, how will small businesses decide who to work with?
• 60% Referrals and cost of service
• 70% If they offer advisory services
• 57% Specific industry expertise/niche services
On the Ground Experience Perspective
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Bryce Sanders is president of Perceptive Business Solutions Inc. in New Hope, Pennsylvania. He provides high-net-worth client acquisition training for the financial services industry. His book, Captivating the Wealthy Investor, can be found on Amazon.com.