PracticeConsultingRed tape boost for accountants

Red tape boost for accountants

Research has revealed that small businesses are relying more on their accountants as the level of government red tape increases.

At the same time, they have seen a hike in the fees paid to their advisers.

The research, compiled by Royal Bank Invoice Finance, the factoring arm of Royal Bank of Scotland, found that although the government was under fire for increasing red tape, 67% of the directors questioned said that the subsequent advice was value for money.

Ross McFarlane, RBIF’s commercial director said: ‘The major concern for the accountancy profession is that although their advice is valued, small firms are concerned that a higher percentage of their turnover will be spent on accountancy fees in the long term.’

The research among 300 directors of companies with a turnover of between £50,000 and £1m, also gave conflicting opinions on the use of technology.

Over half, 59%, of accountants were not communicating with their clients via email, but small businesses preferred direct contact and the personal approach.

Separately, Lord Haskins, chairman of the Better Regulation Task Force claimed that progress was being made in tackling concerns over the burden of regulation on business, but admitted there was still more to be done.

Links

Task force hails progress on red tape

RBIF website

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