Accountants are key for UK companies when it comes to making business funding decisions, according to a recent survey.
The business finance company MarketInvoice has revealed that 56% of business leaders reported that accountants are their most important external advisers when considering business finance options.
They were rated to be twice as important as commercial finance brokers (23%) by respondents, while only 6% would consider speaking to a bank directly.
The support and guidance provided by accountants is expected to be critical over the next six months as businesses navigate an uncertain period with 38% anticipating a cash squeeze.
More than a third of those surveyed (35%) said that they would turn to invoice finance for additional funding, while 30% would opt for bank overdrafts and 7% would use their business credit card.
Businesses that were unable to remedy their cash squeeze acknowledged that compromises would have to be made, with 34% admitting that they would forfeit expansion plans, 33% would forgo launching new products and 20% would reduce market spend.
“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,” said Darvish Heshejin, head of partnerships at MarketInvoice (pictured above).
“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.”