Amid the crisis, these companies are also turning to accountants for advice on tax relief (32%) and cash flow management (31%).

On average, 75% of the owners of micro businesses and sole traders said increased access to value-add services from accountants would give them more confidence in the future success of their business, revealed research by Intuit QuickBooks. 

However, at the smaller end of the market, 39% of owners also claimed that a lack of budget is preventing them from using an accountant, which could help them in the longer term. 

Instead of working with a professional accountant to find solutions for the pressures of the cost of living crisis, 46% of owners said they turned to family and 29% to friends for support and reassurance. 

Nevertheless, 80% of SMEs with an accountant said that having one can save them at least three hours a week.  

Nick Williams, UK product director at Intuit QuickBooks, said: ‘Accountants are the unsung heroes working behind the scenes to help strengthen the UK economy. As the survey reveals, the millions of SMBs that power the economy are now seeking even more support from them.

‘But there’s only so many hours in the day, and having time to help their clients can be half the battle. 

‘Fortunately, smart software that manages their entire client base, in one place, can enable accountants to streamline their work, so they can spend more time helping clients grow and seeing their practices thrive.’