Accountants Top Choice For Financial Advice

Tue, 11 Nov 2008

Small UK businesses are increasingly turning to accountants for advice rather than bank managers, new research has found.

According to a survey by the Forum of Private Business (FPB) and credit agency Graydon UK, 70 per cent of respondents said they preferred to consult accountants for financial advice compared to just 47 per cent who said they would seek guidance from their bank manager .

The research also highlighted worrying trends in firms neglecting their financial affairs.

Just 20 per cent of businesses said they sought financial advice each quarter or more frequently, while 36 per cent said they had not been in contact with their accountants or bank managers in the last twelve months.

Phil Orford, chief executive of the FPB, said the change was partly due to established bank managers being replaced by call centre staff, adding that such moves could "seriously affect" business banking relationships.

Meanwhile, a survey released last week by Robert Half Financial Services Group revealed that accountants, particularly financial and management accountants, are the most in demand employees for City firms.

The firm’s latest City Employment Index also found that many firms are now adopting longer recruitment processes to ensure they hire the right candidates and that companies are taking on board more technical accountants and internal auditors .
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