The 2025 SMB Navigator Report is based on quantitative research conducted by Agile Market Intelligence that surveyed Australian businesses (n=506) and practising accountants (n=404), commissioned by Intuit QuickBooks. Data showed that the primary driver that brings accountants and businesses together is word of mouth. However, less than 4 out of 10 accountants explicitly ask the majority of their clientele to refer their practice to others.
Key stats you need to know
- 69% of SMBs found their accountant through referrals, and 9 out of 10 accounting firms rely on word of mouth as the primary marketing tool to grow their practice.
- Less than 4 out of 10 accountants explicitly ask a majority of their clients for referrals, with moderate-to-large practices are more likely to ask some or majority of their clients for referrals.
- A total of 67% of firms plan to expand their client base in 2025, with 14% targeting significant growth.
Referrals remain the primary connector
- 7 out of 10 SMBs reported finding their current accountant through referrals (word of mouth).
- For businesses still seeking accountants, 58% would turn to referrals, and 46% to search engines.
- More than 9 out of 10 accounting firms rely on word of mouth as the primary channel used to attract clients to their practice.
- Digital channels such as social media and websites are used only by 29-32% of firms.
Referrals continue to outperform all other marketing strategies for accountants. Accountants and businesses alike rely on word of mouth to engage with each other, with 69% of businesses report finding their accountants through referral. The strategy is clear to accounting firms, as 9 out of 10 firms primarily use word of mouth to grow their practices. While businesses without direct advice are likely to turn to search engines to find an accountant, less than a third of accounting firms report having social media and internet presence as a marketing channel.
Businesses trust personal recommendations above advertising or digital channels, and accountants lean heavily on this pathway to secure new clients. The risk is that practices without a complementary online presence may be invisible to prospects who search beyond their immediate network.
“Word of mouth has always been the bedrock of accounting practice growth, but it cannot be the only strategy. Firms that combine trusted referrals with a visible digital presence will capture the widest pool of opportunities. ” said Michael Johnson, Director at Agile Market Intelligence
Few firms are asking for referrals
- Only 38% of accounting firms explicitly ask the majority of their clients to refer them to peers, and only 6% of firms report asking all their clients for referrals.
- Larger practices (more than 20 employees) are more upfront in asking for referrals from some or majority of their clients compared to small practices and microadvisers.
- In the past 12 months, only a total of 22% of businesses have referred their accountant to peers, 11% of which have only done it once.
The data shows a more conservative approach in asking clients for referrals. Larger practices are the most likely to ask for referrals. 47% of moderate-to-large firms say they ask a ‘majority’ of their clients, and 40% ask ‘some’ of their clients. For small practices, 32% of accountants reported not asking any clients at all.
On the side of businesses working with accountants, the vast majority (78%) said they have not referred their accountants in the past year or at all. Only 11% have referred their accountants multiple times in the past year. While accountants depend on word of mouth to grow, most are reluctant to ask. This hesitation means practices risk leaving new business on the table, relying on chance rather than deliberate client advocacy.
“Chances are, firms assume that good service alone will generate referrals, but proactively asking clients, particularly after positive interactions, is what turns satisfaction into growth. ” said Michael Johnson.
Accounting firms are optimistic about client growth
- 53% of accounting firms surveyed are planning to expand their client base in the next 12 months.
- 14% of accountants are looking to significantly expand their client base.
- Accounting firm growth strategies should prioritise referrals by strengthening relationships with existing clients, who remain the primary source of new business.
Most practices expect to expand their client base in 2025, showing an optimistic growth outlook. Over half are targeting moderate growth, while a smaller proportion are positioning for significant expansion. At the same time, nearly one-third of firms are taking a conservative approach, content to maintain their existing client base. For accountants looking towards growth, the existing clientele is the best place to start looking for leads.
“Expansion is on the agenda, though not universal. While many firms see growth opportunities ahead, others are choosing stability. The decisive factor will be how effectively firms translate intent into action through structured referral and marketing strategies,” said Michael Johnson.
About the research
The SMB Navigator Report 2025 is based on quantitative research conducted by Agile Market Intelligence between December 2024 and January 2025 and was commissioned by Intuit QuickBooks. It includes responses from 506 Australian small businesses and 404 practising accountants. The business sample has been weighted to reflect the national distribution of business size and annual revenue, based on data from the Australian Small Business and Family Enterprise Ombudsman (ASBFEO).
You can download the report here.
