Pressure on managers as a result of a surge in administration duties and maintaining existing clients are the main reasons driving businessmen to seek outside guidance.
According to a panel organised by the BACS Direct Credit accountants provide a ‘useful sourceful source of external advice’ for short-term financial advice and long-term business planning.
Top tips regularly given include purchasing premises instead of renting because owners can collect company rent and possess an asset.
Jeremy Asprey, product manager for BACS the automated payments clearing house, said: ‘It’s interesting that accountants are proving so popular with small businesses. By all accounts managers of small businesses often face an uphill struggle in maintaining profitability and many rely on tips from accountants for immediate cost savings, but also long-term strategic advice.’
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Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
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