Accountants Are Still Favored as Small Business Advisors

The results of a new survey conducted by the National Federation of Independent Business and Wells Fargo show that accountants are still the advisor of choice among small businesses.

Two-thirds of small businesses surveyed have one person with whom they consult before making significant business decisions, and 84% of small employers turn to one or more advisors. When asked which among a group of 10 choices were the most likely to be chosen as advisors, accountants were selected by 59% of those surveyed. The 10 choices were: accountants; family members; bankers; management; marketing or financial consultants; lawyers; engineers; suppliers; insurance agents or brokers; designers including Web site designers; and other business owners.

The percentage of small employers seeking advice from accountants increased to 74% among employers of 20 or more people.

Eighty-three percent of those who received advice from an accountant took the advice and another 11% took most of the advice for a total of 94% who listened to and acted on advice from their accountant.

The survey also showed that small employers are more likely to take advice when they pay for it than when it is given at no charge.

Advice was most frequently sought in the areas of accounting, bookkeeping, and taxes (73%), legal questions (56%), computers, software, Web sites and telecommunications (53%), and industry-specific technical matters (48%).

You can read or download the entire 36-page survey.

You may like these other stories...

Strategic alliances can play an important role as a part of any CPA firm's marketing plan. What is interesting about these special connections is that they can come in all sizes and shapes. For example, in a recent news...
Tesco accounting probe finds “inappropriate behavior” by staff – reportsClare Hutchison of Reuters wrote on Sunday that an investigation into a 250 million-pound ($402 million) profit overstatement at...
In most cases, accountants have gaps in their resumes because they got fired and could not find another job they liked within a short amount of time. If you went back a decade such a gap could have been considered a death...

Already a member? log in here.

Upcoming CPE Webinars

Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.
Oct 22This webinar will include discussions of important issues in AU-C 800, Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.
Oct 30Many Excel users have a love-hate relationship with workbook links.