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...

By Cathy Stopyra and Todd SimmensUnderpayment interest, refund interest, and penalties charged to businesses are just a few of the considerations the IRS calculates when determining taxation for a given company. Though...
FASB mulling a revamped income statementDavid M. Katz of CFO wrote on Tuesday that the Financial Accounting Standards Board (FASB) is in the early stages of researching whether to launch a project aimed at improving and...
You have a big presentation forthcoming that might enable you to land a huge client for your firm. Are you sufficiently relaxed to be at your best? Let me offer a story and some observations that drive home a crucial point....

Upcoming CPE Webinars

Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.
Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.