Covid-19 challenges bring accountants and clients closer together

Covid-19 is helping to strengthen the relationships between accountants and their small business clients, according to new research from FreeAgent.

The cloud accounting software specialist has revealed that an overwhelming majority (84%) of accountants say that their relationships they have with small business clients have improved since the start of the coronavirus pandemic – despite the challenging economic climate. In contrast, just one in six (16%) say they haven’t seen any improvement.

FreeAgent believes that the poll results show how the accountancy profession has been successfully innovating throughout 2020, with many practices now providing clients with focused guidance and expertise specifically-designed to help them through the pandemic.

Ed Molyneux, CEO and co-founder of FreeAgent, said: “2020 has been an incredibly tough and stressful year for many small businesses and accountants. However, it is incredibly positive to see how the accountancy profession is adapting and showing resilience in the face of these challenges.

“We know that many of our accounting practice partners are providing increasingly specific services for clients to help them get to grips with new coronavirus legislation. Whether highlighting what financial assistance is available, or explaining how they need to manage things like furlough scheme payments in their business books, accountants are becoming vital, expert advisors who hold small businesses’ futures in their hands.

“In addition, the rise of working from home and the wider adoption of video chat technology this year has helped build faster, more personal communication between accountants and clients. And, in the face of tough economic conditions and the implementation of national and regional lockdowns, there’s definitely been a deeper sense of solidarity and shared purpose between them too.

“That’s clearly reflected by the high number of accountants we polled who are saying their client relationships have improved since the start of the pandemic.”

More information about FreeAgent can be found at www.freeagent.com

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Author: Eleanor Hazelton

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