SMEs turn to Accountancy firms as trust in banks subsides
INSIDER just wrote in his blog that auditors are having a good crisis. This seems to be borne out in some research that my firm Graydon is doing amongst SMEs at the moment. The results so far seem to suggest that smaller businesses are seeking out more advice from accountants and turning away from bank managers as trust in banks deteriorates.
Through the liquidity crisis, SMEs have found it extremely difficult to obtain finance at affordable rates, if at all, and business folk are clearly frustrated, worried and annoyed about the situation.
Like the average man in the street, SME owners are probably blaming banks for the global downturn through their greedy irresponsible lending during the good times.BUT THE BANKS HAVE BEEN BAILED OUT WITH TAXPAYERS MONEY.Now the bad times have arrived, the very same rescued banks don’t seem to be doing much yet to help their own business customers survive.
It’s easy to see why SMEs in this climate are turning to a profession that they still trust.