Accountants are expected and trusted to be good business advisers. This puts them in a good position to advice clients during the current troubled financial times.
I addressed this point recently in a post entitled: Accountants need to show they really are business advisers as we move into recession.
I have now seen reports of another survey that only serves to emphasise this point.
It was carried out by the Forum of Private Business (FPB) together with commercial credit agency Graydon UK, and questioned 400 small businesses on their individual experiences of seeking financial advice.
The results reveal that 70 per cent of those questioned choose to consult their accountants for this type of advice, compared to only 47 per cent who look to their bank managers as trusted advisers.
The FPB comments on the results stress the declining confidence in banks as sources of financial advice. My take on this is that the 70% figure above is LOWER than I would have expected. It might be a reflection of the respondents – perhaps only 70% had an accountant.
I make no apologies for restating a point I have been making for some months now.
Your clients trust you as a source of business and financial advice. Now is the time to prove that such confidence is not misplaced. If you do not help clients through the recession you will lose them – either because they will cease to be in business or because they will move to a pro-active commercial accountant who can help them more than you have tried to do.
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