MarketInvoice, a business finance company, reveals insights from a survey of businesses on their funding needs and wider concerns.
When it comes to making business funding decisions, over half (56%) of business leaders reported that accountants are their most important external advisers when considering business finance options. They are twice important to businesses than commercial finance brokers (23%), while only 6% would consider speaking to a bank directly.
Support and guidance from accountants will be critical over the next 6 months as businesses navigate an uncertain period with more than a third (38%) anticipating a cash squeeze. The majority reported that they would turn to invoice finance (35%) then bank overdrafts (30%) for additional funding whilst 7% would look to their business credit card.
Those businesses unable to remedy their cash squeeze acknowledge compromises will have to be made. The research shows that a third (34%) would forfeit expansion plans, a further third (33%) said they would forgo launching new products and a fifth (20%) would reduce marketing spend.
Darvish Heshejin, Head of Partnerships at MarketInvoice, commented: “Accountants and commercial finance brokers are increasingly becoming the default go-to for companies seeking advice on business finance, especially where funding is required quickly.
“It’s imperative that these professionals are aware of the wider funding opportunities available to provide the best, most comprehensive advice to their clients and find the solution that fits.”
MarketInvoice is set to announce a series of regional seminars where they will introduce fintech adoptions for accountancy practitioners across the UK and present to businesses and professionals.