SMALL BUSINESS PEOPLES' REACTION TO THEIR ACCOUNTANT'S SERVICES
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1 ABSTRACT SMALL BUSINESS PEOPLES' REACTION TO THEIR ACCOUNTANT'S SERVICES Paul Dunn, University of Louisiana at Monroe Leo Cheatham, University of Louisiana at Monroe Carole Cheatham, University of Louisiana at Monroe This manuscript reports the results of a national survey of small businesses regarding their accountant's services. The mail survey to a national sequential sample of 502 firms sought to assess how well various dimensions of the services provided by their accountant. The results of the study indicate that accountants receive high marks for traditional accounting services and lower marks for non-accounting services. This demonstrates the need for accountants to adjust what they are doing if they are interested in providing the services small businesses could use if their accountants would provide them. INTRODUCTION Accountants provide the most trusted source of advice for family businesses. This fact was verified in a survey conducted for the Massachusetts Mutual Life Insurance Company in "Of the small business owners polled, 31% considered their accountants to be their most important outside business advisors, well above attorneys (9%), and bankers (4%)" (Journal of Accountancy, January, 1994). These three advisory groups are the ones typically identified in the literature as outside consultants for small business. Churchill and Wervaneth (1984) warn entrepreneurs to learn to recognize situations where advice from each of these three groups should be sought. The Handbook of Management Consulting Services (Barcus, 1986) singles out the accountant as the key professional among the three groups of outside consultants. However, this publication also includes a warning that consulting competence is not measured by the amount of information provided but by the ability to deliver specifically agreed upon services. Timmons (1994) is even more specific in his recommendation in that he recommends only accountants who are experienced as advisors to emerging companies. Results of a telephone survey conducted by the Small Business Administration in 1995 verified the conclusions of previous literature on the importance of accountants as consultants. Respondents relied on accountants' advice more than any other source. The least cited sources of information were government officials and reports (Journal of Accountancy, January, 1995). While the evidence points to the accountant as the overwhelming outside advisor of choice for the small family business, there is also evidence that services from this source are falling short of what is needed. Gobeli and Seville (1991) surveyed 150 small businesses participating in the Small Business Institute Program and found a gap between what is needed and what is available from accounting firms. Areas of greatest satisfaction were financial statement preparation and tax return preparation even though respondents were not unanimous on these items. The areas of greatest dissatisfaction were new venture planning, computer systems, business consulting, business planning and marketing planning. Even though many of these topics are not normally associated with accounting,
2 they represent the expectations of the small business and opportunities for accountants. A previous study by Arnold (1984) verified the CPA as the primary external advisor but also revealed that this advisor was important in meeting management needs in only 25% of the 500 small businesses sampled. Most of the surveyed business owners in the Gobeli and Seville study viewed accountants primarily as financial statement and tax return preparers. However, tax returns provided almost no management information. Balance sheets tended to provide only slightly more. Profit and loss statements were more useful; but information on cash flows, job costs and inventory control were even more useful. Small business owners clearly need more than the usual balance sheets and income statements. JUSTIFICATION FOR THE STUDY Most of the recent investigations of small business manager satisfaction with accountants' services suggest a trend of greater needs for services not traditionally thought of as accounting services. Small business managers do not desire, nor have the necessary resources, to seek advice from several different types of professional advisors. Accountants have won out as advisor of choice, but they must provide a broad range of services. This study is designed to determine the level of satisfaction among small business operators with both the competency and range of services provided by their accountants. METHODOLOGY A sequential probability sample of 502 small businesses (fewer than 250 employees) was drawn from 1997 Business USA. A cover letter and questionnaire were sent to that sample. A follow up was done and there were no noticeable differences in the responses. Forty-one respondents from 20 states returned completed questionnaires. The respondents' ages were 2.4 percent 21 to 30; 19.5 percent 31-40; 31.7 percent, 41 to 50; 22 percent 51 to 60; and 12.2 percent were 60 or over. Average age was 46 with a standard deviation of 18 years. Females accounted for 31.7 percent and males 68.3 percent of the respondents. Among respondents, 9.8 percent had high school educations, 4.9 percent had vocational school educations, 26.8 percent had some college educations, 12.2 percent had college educations, and 46.3 percent had advanced educations. Experience in business included 26.8 percent with ten years or less, 24.4 percent had I I to 20 years, 34.1 percent had 21 to 30 years experience, and 14.6 percent had more than 30 years. The majority of respondent businesses were corporations, 70.7 percent. Proprietorships were 19.5 percent, partnerships were 2.4 percent, and limited liability forms were 2.4 percent of the respondents respectively. The position held by the respondents Included 2.5 percent general manager; 5 percent bookkeeper; 35 percent president; 2.5 percent co-owner; 40 percent owner; 2.5 percent human resources; 2.5 percent sole proprietorship; 2.5 percent financial officer; 2.5 percent controller; and 2.5 percent manager. The average number of years in business was 21 with a standard deviation of 14. The average number of years in this particular business was 15 with a standard deviation of 12 years. The largest portion of respondents had used their accountant for 2 to 10 years, 46.3 percent; followed by years, 26.8 percent; and 21 or more years, 14.7 percent. Sales size included 41.5 percent under $500,000; 24.4 percent, $ to $1,000,000; 26.8 percent, $1,000,000 to $5,000,000; and 7.3 percent over $5,000,000. The average number of employees among respondent firms was 27 with a standard deviation of 49.
3 FINDINGS OF THE SURVEY Statement A: Accountant's financial and tax information is timely and accurate. Small Business Among small business respondents, 39 percent strongly agreed and 51.2 percent agreed with this assertion. The response indicates a fairly high level of agreement with the assertion. Statement B: Accountant is well acquainted with clients' business and industry. Small Business The level of agreement with this assertion was fairly high with 78.1 percent either agreeing or strongly agreeing. The 17.1 percent disagreement can not be ignored however. Statement C: Accountant's staff makes clients aware of various services provided. Small Business Small business people agree (68.3 percent) or strongly agree (17.1 percent) that their accountant's staff make them aware of the services provided by the firm. Statement D: Staff accountants are technically competent in accounting-related areas. Small Business Accountants were viewed as technically competent by 95.2 percent of the respondents. Over half of the respondents, 53.7 percent strongly agreed with this assertion. That was the highest degree of agreement with any assertion in the study. Statement E: Staff accountants take time to go over financial statements and tax returns with their clients. Small Business
4 Among respondents, a majority agreed or strongly agreed, 73.2 percent total, that their accountants take the time to go over financial statements and tax returns. The 24.4 percent disagreement with the assertion, however, should not be ignored. Taking time to go over information would seem to be an important activity for accountants. Statement F: Staff accountants are accessible when their clients need them. Small Business Evidently the firms reflected in this study make the effort to be accessible with 89.3 percent of the respondents either agreeing or strongly agreeing with this assertion. Accessibility of accountants to clients is an important aspect of the services they provide. Statement G: Staff accountants are helpful in answering non-accounting questions concerning their clients' businesses. Small Business Among respondents, 63.4 percent agreed or strongly agreed that staff accountants were helpful in answering nonaccounting related questions. However, 34.2 percent of the respondents disagreed or strongly disagreed with this assertion. Statement H: Staff accountants take a genuine interest in their clients' businesses. Small Business A majority of respondents 68.3 percent agreed that staff accountants take a genuine interest in their businesses. The 31.7 percent who disagreed with or did not respond to this assertion may indicate an area of weakness in which accountants may want to work to improve their practice and thereby their customer relations. Statement I: Clients regularly use nonaccounting services provided by their accountants (MAS, personal financial planning, systems design, etc.). Small Business The level of agreement with this statement, 29.3 percent, indicates that clients do not use nonaccounting services. Management advisory services could become an important addition to billable hours, but such services need to be developed by the firm and used by their clients.
5 Statement J: My accountant offer suggestions that help me to manage my business better. Small Business Slightly over half of the respondents, 51.2 percent, agree or strongly agree that their accountants offer suggestions to help them manage their businesses better. Evidently, many accounting practices do not actively provide their clients advice on management. This is an area in which accountants may want to consider developing and marketing MAS to their clients. Statement K: I have used my accountant's suggestions to better manage my firm. Small Business More than half the respondents agreed that they have used their accountant's suggestions regarding management. Of course, the suggestions could be accounting or finance related. Statement L: The people I deal with at my accounting firm and I get along and communicate well. Small Business Eighty-three percent of the respondents agree or strongly agree that they get along well with the people they deal with at their accounting firm. The 17 percent disagreement or no response may indicate an area where accounting firms could improve their operation. Statement M: My accountant has referred me to other helpful professionals. Small Business Slightly less than half the respondents agreed with this assertion. Evidently, referral to other helpful professionals is viewed as something that does not need to be done or is not done. As a part of their activities, accountants could provide a valuable referral service for their clients. Statement N: My accountant assists me in interpreting financial information. Small Business
6 Only 63.4 percent of the respondents agreed with this assertion. The interpretation of financial information would seem to be an important area in which accountants could assist their clients. If the client understands their accounting information no advice would be needed. However, assistance in this area may need to be developed. Statement 0: My accountant visits my business more than twice a year. Small Business Many accounting firms do not visit their clients more than twice a year. The 56.1 percent agreement with this assertion may indicate an area in which accounting firms could improve their practice. Statement P: I am treated courteously by my accountant and his or her staff. Small Business This assertion received the highest level of agreement among all the assertions used. The vast majority of respondents felt they were treated courteously by their accountant and firm staff. Only technical competence ranked close to this level of agreement. Statement Q: My accountant "goes the extra mile" when I need extra help. Small Business The majority of respondents, 80.5 percent, felt their accountants did go the extra mile to help them. The level of disagreement would seem sufficient to cause concern among accountants. Statement R: My accountant helps me to get information in a timely fashion. Small Business Over 75 percent of the respondents agreed that their accountants get them information in a timely fashion. The level of disagreement should cause some concern among accountants. There may need to be better communication regarding the time required to complete accounting activities. Statement S: My accountant's firm has provided me workshops to help me manage better. Small Business
7 Some accounting firms either provide or recommend management development workshops to their clients. Workshops would seem to be something accountants could do, but only 21.9 percent provided client workshops. Again, this may be an area for additional billable hours and/or additional MAS to clients. Statement T: My accountant helped me design a convenient, easy to use bookkeeping system. Small Business Only 39 percent of the respondents agree or strongly agreed that their accountant helped them design a convenient easy to use bookkeeping system. Perhaps the clients are not as smart as they should be, but a convenient, easy to use bookkeeping system would provide better input to the accountant and allow for quicker, more efficient turnaround. Too, accounting firms may be keeping books as a source of income. Statement U: My accountant's services are reasonably priced. Small Business Pricing professional services is always difficult. In this case, 73.1 percent of the respondents felt their accountant's prices were reasonable. Disagreement was expressed by 19.5 percent of the respondents. Statement V: My accountant returns my phone calls promptly. Small Business Eighty-five percent of the respondents felt that their accountant returned their phone calls promptly. Returning phone calls to clients would seem important. Perhaps 12.2 percent of the clients are impatient. Statement W: I respect my accountant's advice. Small Business Accountants received very high marks on this overall assessment with 90.2 percent of the respondents indicating agreement with the assertion. Respect is an important aspect of the quality of service provided by professionals. This series of assertions should provide accountants and other business advisors some insight into how small businesses could be expected to respond to their firm's services. Too, the results may suggest areas in which additional services may be possible and where improvements in existing services are possible.
8 SUMMARY AND CONCLUSIONS Survey results concur with many of the findings of the Gobeli and Seville (1991) study. The highest level of satisfaction was in traditional accounting related activities such as financial reporting and tax preparation. But for many, satisfaction stopped at that point as approximately 25 percent of respondents said their accountants did not even take time to go over these items after preparation, and only 63 percent agreed that they received successful interpretation of the critical information. Like the earlier study findings, management information is lacking, and accountants are not providing the broad range of services needed. Only 51 percent of respondents indicated accountants even offered suggestions to help manage their business. Only 39 percent agreed that their accountant had helped them design a convenient, easy-touse bookkeeping system. Only 63.4 percent said accountants were helpful in answering any non-accounting questions. Some of the lack of use of information services may be the responsibility of the business operators and not entirely the fault of accountants. Only 29 percent of the respondents used non-accounting services even though 68 percent said their accountants made them aware of their availability. Approximately 56 percent of the respondent businesses were visited more than twice a year by their accountants. Management workshops offered by accounting firms were not common with only 22 percent of respondents indicating availability. Whether the fault lies with the small business operator or the accountant, there remains a gap between what is being provided and what is needed. Bridging the gap will require initiative from the accountants. As Anita Dennis (1997) points out, the small CPA firm must do its own marketing. To do this it must become acquainted with customers' specific needs and identify solutions. Barry Brownlow (1997) cites some specific steps to achieve this goal. At least once a year his firm sits down with clients and prepares a complete client service plan for two or three years, listing services required and showing how they will benefit the business. After services are provided a client satisfaction review enables the accounting firm to modify and better tailor services to each customer. He meets with clients regularly to find out what needs are changing. Brownlow emphasizes that for an accounting firm to be a full service advisor it is essential to create alliances with experts and specialists outside the profession and make referrals when needed. These professionals can provide solutions to problems identified by the accountant. This arrangement keeps loyal, satisfied customers for the accounting firm because the small business client has confidence in the ability of his onesource advisor to supply solutions to any problems that may occur. The client interface process is especially well suited to meeting the needs of small business clients since new products and services result from the investment in time listening to their needs. REFERENCES Accountants: Most Trusted Advisors for Family Businesses (1994, January). Journal of Accountancy, 22. Accountants Seen as Information Sources by Small Business (1995, January). Journal o Accountancy 15, Arnold, Jerry L., Alan A. Cheng, Michail A. Diamond, and James W. Walker (1984, August). Small Business: An Area Ripe for Practice Development, Journal of Accountancy
9 Barcus 111, Sam W. & Joseph W. Wilkinson (1986). Handbook of Management Consulting Services, New York: McGraw Hill Book Company. Brownlow, Barry (1997, April). The Importance of Customer Focus, Journal of Accountancy, Churchill, Neil C. and Louis A. Wervaneth, Jr. (1984). Choosing and Evaluating Your Accountant. Growing Concerns Building and Managing the Small Business (Edited by David E. Gumpert), New York: John Wiley & Sons, Dennis, Anita (1997, October). Keeping Up To Speed, Journal of Accountancy Gobeli, David H. and Mary Alice Seville (199 1, Fall). Small Business: Problems and Opportunities for Accounting Firms. The Woman CPA, Timmons, Jeffry A. (1994). New Venture Creation-Entrepreneurship for the 21st Century, Burr Ridge, Illinois: Irwin.
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