New research from Venture Finance indicates that SMEs are very happy with the service offered by their accountant. An overwhelming number of SMEs (84 per cent) questioned reported to have a close relationship with their accountants while a similar number (83 per cent) feel valued by them. This contrasts markedly with recent reports in the media about disgruntled bank customers.

With often limited resources and financial acumen, SMEs more than any other section of the business community rely on the guidance of their accountant. Rather than simply being on hand to complete traditional accounting tasks, a fifth of SMEs (20 per cent) said detailed knowledge of funding options and the ability to help them secure finance is the most important thing they look for in an accountant. Over three-quarters (78 per cent) of those questioned believed their accountant offered the best, unbiased financial advice.

The areas of business finance SMEs most expect accountants to be able to advise upon is invoice finance (68 per cent) reflecting that businesses are turning away from traditional business finance such as overdrafts and looking at more flexible alternatives. Business owners and managers would also welcome guidance on reducing bad debt, trade finance and the government’s Small Firms Loan Guarantee (SFLG).

Commenting on the results Steve Websdale, Venture Finance director, said: “Accountants have a pivotal role to play in advising SMEs about the plethora of funding options available, especially those that exist outside of high street banks. The high level of service accountants provide, as highlighted by this research, coupled with their independence and industry expertise makes them best placed to offer guidance on suitable financial products.”