SMEs turn to accountants

News Article - 19 September 2007
Category: Business

A new report has revealed that small business owners are increasingly looking to their accountants to provide business advice.

Research by Venture Finance found that more than two-thirds of small businesses seek advice from their accountants about banking issues.

Steve Websdale, director of the firm, said that small businesses employ 58 per cent of people in the private sector workforce and now contribute 50 per cent of the country's gross domestic product.

"It is in the interests of the whole of the UK to ensure that they can succeed and they need affordable, reliable banking services to do so," Mr Websdale claimed.

Accountants are now becoming relied upon by small businesses to provide guidance and protection, he added.

In related news, Bank of Scotland recently reported that 74 per cent of the country's small firms expect the burden of regulation to become greater over the course of the next three years.

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