Over two-thirds of small businesses will go to their accountants to discuss financial advice, rather than their banks.

A survey of 400 small UK business by Graydon and the Forum of Private Businesses found that 70% speak to their accountants for financial advice, while only 47% would speak to their banks.

A fifth of respondents seek advice at least quarterly, or more frequently. Over a third (36%) admitted they had failed to speak to either their accountant ar bank manager in the last year.

'The traditional ‘grey-haired pillar of society’ stereotype of the bank manager as a trusted and respected source of financial advice has faded into the past,' said Graydon managing director Martin Williams. 'But as the economy hits upon hard times and banks become increasingly nervous about credit limits, SMEs need now, more than ever, to maintain a close dialogue with their bank managers.'

'It is a concern that they are not sourcing help more frequently, particularly in these testing times,' said FPB chief executive Phil Orford.

Last week HSBC's head of professional proposition Piyali Williams told Accountancy Age that accountants were viewed by clients and banks as a trusted source of independent advice.

Further reading:

Bank says accounting profession is best adviser

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