New research carried out by The Forum of Private Business in the UK revealed that small firms trust their accountants more than their bank managers when it comes to seeking financial advice, with the majority admitting to seeking such advice fewer than four times per year.
Well this is not really news to me, but what has surprised me about this research was to find out that of the 400 businesses that were surveyed a staggering 36% say they have not had contact with their accountant in the last year, but more worrying from my view point is that 24% quoted the reason for this being either a lack of faith in their advisers’ knowledge of their businesses or the fact that they have received poor advice in the past.
I have in the past given guidance on how to choose an accountant, but for those who are still wondering, firstly if you know someone in business who has high regard for their advisor and who obviously get good advice and support then go see them, but also meet others, I would always advise you meet three different accountants, and don’t make your choice on price alone and finally, ensure they a suitably qualified.
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Sean McPheat (Who am I?)
1 year ago
Interesting results but not totally shocking as you say!
The quality of accountants within the UK are the same as with any industry – it varies considerably.
You’ve got those accountants who are scared to death to give any advice and to put their balls on the line! The you’ve got the sales mad accountants who will bombard you with marketing mails and emails, calls, up sells, cross sells – you name it!
The best thing to do is to see if you can ask to speak to a wide spectrum of the clients that they do business for and meet a couple of accounting firms.
Look for the personal touch, the relationship side of things and what they can do for you.
Sean
Jason Holden (Who am I?)
1 year ago
Hi Sean,
We agree, always meet two or preferably three different accounting firms.
It’s interesting you mention accountants who are scared to give advice, but my question is, are they scared to death to give advice or are they not competent to give the advice?