The majority of businesses in Sweden are small businesses. Previous research highlights that many small business owners lack sufficient financial literacy, meaning they are not economically knowledgeable enough. This leads many small business owners to seek external assistance in the form of an accountant to manage their business responsibilities. Previous research also underscores the importance of mutual understanding between external accountants and small business owners. It explains that inadequate understanding and communication between parties can have a negative impact on the company's business results. This emphasizes the need to promote mutual understanding between accountants and small business owners to improve audit quality, support business operations, and reduce the risk of misunderstandings.

The purpose of the study is therefore to examine the relationship between small business owners and accountants to assess whether this relationship can also affect the financial capability of small businesses. To answer the study's purpose, a qualitative data collection method was applied, involving eight semi-structured interviews with accountants and small business owners, as well as two observations. Through this data collection and analysis, it emerged that the accountant's relationship with the small business owner can affect the understanding of accounting information through mutual understanding and communication. These two factors need to interact to generate an understanding of accounting information. To increase financial literacy among small business owners, they also need to have a learning attitude. This means that small business owners should want to understand the financial information presented by the accountant. By conducting this study, it has contributed new knowledge about the needs and challenges between accountants and small business owners' approaches to achieving increased financial literacy. This can identify areas where changes or improvements are needed for the accountant to provide advice and support.