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Over half of companies rely on accountants for financial advice

New research has found that 56% of businesses seek advice from their accountants before making financial decisions.

A survey by MarketInvoice found that 56% of respondents sought outside advice from accountants when making decisions about raising business finance. This compares to 23% who used finance brokers, and 6% who approached banks directly for financial advice.

Over a third (38%) of businesses asked expected cash flow shortages during the next six months, To help their finances, 35% said that they would use invoice financing, and 30% would rely on a bank overdraft. Around 7% are using credit cards to raise money.

To cope with decreased cash reserves, businesses are using a number of strategies to save costs. Many are looking at cutting back on expansion plans. A fifth of businesses said that they are reducing their marketing budget, while some are delaying the launch of new products and services.

Darvish Heshejin of MarketInvoice urged all professionals that provide financial advice to be aware of all the funding opportunities available so that they can provide comprehensive advice that aims to find the best finance solutions.

Not all advisers have expert knowledge about how to use bridging finance to cope with temporary cash flow issues. Bridging finance brokers specialise in short-term loans and can provide expert advice. A broker has access to a wide range of bridging finance providers in order to find the best deal that is suitable for their client’s individual requirements.