More than two out of five business owners in the South West value the advice of their accountants in growing their companies above any other professional, according to a recent survey.
The survey, independently conducted by insider magazine and sponsored by Bishop Fleming, asked the region’s entrepreneurs whose advice they considered most added value to growing their business.
Nearly 40 per cent of respondents said the advice of their accountants added the most value in helping growth.
Only a quarter of those surveyed mentioned the advice of non-executive directors as being most helpful and only around 10 per cent mentioned either a lawyer or banker respectively.
The results are perhaps not surprising with the current economic uncertainty caused by Brexit and increasing pressures on costs forcing owners to keep a closer eye on the financial positions of their businesses.
Regular management accounts prepared by the accountant help to ensure a firm’s financial circumstances remain visible and viable. Having access to current figures allows informed decisions to be made and the financial consequences understood. Without those figures, important decisions risk being deferred or taken in the dark – risking problems as a consequence.
Accountants work with a broad range of businesses, recognising that each company has its own unique needs, from accounting support and budgeting, to more complex strategic matters such as ownership structure and exit planning. Tax is often at the heart of an accountant’s work, ensuring clients comply with the law and take advantage of available planning opportunities.
Award-winning advice for businesses is available from our Business Tax team.