Accountants are key to business funding decisions, research shows

Accountants are important when it comes to the funding needs of UK businesses, according to research from business finance company MarketInvoice.

The research found that 56 per cent of business leaders rely on accountants when it comes to considering business finance options and making funding decisions, compared to 23 per cent who would use a commercial broker and 6 per cent who would consider using a bank.

Critical

Accountants are set to be in demand over the next six months during a period of uncertainty, with the support and guidance that they provide being critical as 38 per cent of businesses face a cash squeeze.

The research found that 35 per cent of businesses will turn to invoice funding over the next few months, whilst 30 per cent will use bank overdrafts and 7 per cent will use their business credit card.

Businesses also revealed how they would tackle their cash squeeze, with 34 per cent saying that they would forfeit their plans for expansion, 33 per cent saying that they would abandon plans to launch new products, and 20 per cent saying that they would reduce market spend.

Imperative

Commenting on the research, MarketInvoice Head of Partnerships Darvish Heshejin said: “Accountants and commercial finance brokers are increasingly becoming the default go-to for companies seeking advice on business finance, especially where funding is required quickly.”

He added: “It’s imperative that these professionals are aware of the wider funding opportunities available to provide the best, most comprehensive advice to their clients and find the solution that fits.”

To read other stories about business, accountancy, finance and entrepreneurship, visit the LSBF blog.

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