Who do directors turn to for business advice?

Published: 11/01/2024 By Hannah Duncan

The surge in the cost of living has prompted a large number of small businesses who have accountants to seek additional assistance in financial forecasting. Turning to these accountants for guidance on areas such as tax relief and effective cash flow management.  

According to QuickBooks, 75% of micro business owners and sole traders agreed that access to value-added services provide an increased confidence about the future stability of the company. However, lack of funds prevents the smaller firms utilising an accountant for this much needed long term planning success strategies, potentially putting the business at risk.
 
Many seek alternative advice from family (46%) and friends (29%) for the much needed support, reassurance and guidance to navigate the challenges posed by the rising cost of living.  
Despite these challenges, a noteworthy 80% of SMEs who have an accountant emphasise that having this professional backing can save them at least 3 hours a week.

Nick Williams from QuickBooks, commented on the above stating that “Accountants are the unsung heroes working behind the scenes to help strengthen the UK economy”.

The information from QuickBooks confirms many small and medium sized businesses are now turning to their accountants for the financial knowledge and support more than ever before.