Is your accountant the best bet for financial advice?

21/08/2017

One in two business leaders turn to accountants for guidance when making financial decisions, a new survey suggests.

The findings revealed 56% of business leaders said that accountants were their most important external advisers when considering business finance options, according to MarketInvoice.

Almost one in four (23%) said that they would seek the expertise of commercial finance brokers, whilst just 6% would consider speaking directly to a bank.

With 38% of business leaders expecting a cash squeeze in the next six months, it’s critical that businesses seek the right support and guidance to ensure they get the best funding facility for their needs.

To overcome this cash flow squeeze 35% of business leaders said they would turn to invoice finance, while 30% would opt for bank overdrafts and 7% would use their business credit card.

Without access to adequate finance business leaders said that they would cut costs by putting expansion plans on hold (34%), delaying new product launches (33%) and reducing market spend (20%).

Are you getting the best financial guidance?

If you turn to your accountant for financial guidance it’s essential you ensure that they are aware of the wider funding opportunities available to benefit from the most comprehensive and suitable solutions possible.

Whilst most accountants will be an expert at bookkeeping, tax returns and various other financial paperwork, not all of them have the required financial knowledge to source the most appropriate finance facility for your business. And, as a result, you could end up tied into a facility that doesn’t meet your specific needs.

A commercial financial broker, on the other hand, spends their entire working day communicating with businesses and lenders to ensure that companies are matched with the funding that will enable them to reach their goals.

This expert knowledge could identify opportunities that your accountant might not necessarily know about, even if they are well-read and financially savvy.

As well as this, a good broker’s connections across the market means they have access to decision makers within the lenders which can speed up an application and improve the likelihood of an application being successful.

If you would like to speak to a commercial finance broker about your options contact us today on 0800 9774833 or info@hiltonbaird.co.uk.