Accountancy Magazine
Accountants seen as vital advisers to SMEs
SMEs remain optimistic during downturn
16 March 2009
Accountants can expect to see more use of their services by SMEs in the coming year.
In 2009 the number of SMEs using accountant’s services is predicted to reach 52%, compared with 28% in 2008, a study by QBE Insurance Group has found, putting accountants in a good position to be the beneficiaries of an increased demand for professional advice.
But optimism amongst SMEs is high, with 67% claiming they expect to maintain or increase sales in 2009. This is despite over half stating that these are the worst business conditions ever faced.
Although largely positive, SMEs were concerned about surviving in a sustained downturn, with 15% saying it would be difficult and a further 6% expecting extreme difficulty and the threat of becoming bankrupt.
Obtaining credit was also seen to be a problem, with 42% saying credit issues would increase, and 36% stating price reduction by their competitors would be an increasing issue.
Terry Whittaker, managing director of UK National, QBE European Operations, said that it was ‘encouraging’ that SMEs in the professional services sector are experiencing an increased demand for their advice and support.
In 2009 the number of SMEs using accountant’s services is predicted to reach 52%, compared with 28% in 2008, a study by QBE Insurance Group has found, putting accountants in a good position to be the beneficiaries of an increased demand for professional advice.
But optimism amongst SMEs is high, with 67% claiming they expect to maintain or increase sales in 2009. This is despite over half stating that these are the worst business conditions ever faced.
Although largely positive, SMEs were concerned about surviving in a sustained downturn, with 15% saying it would be difficult and a further 6% expecting extreme difficulty and the threat of becoming bankrupt.
Obtaining credit was also seen to be a problem, with 42% saying credit issues would increase, and 36% stating price reduction by their competitors would be an increasing issue.
Terry Whittaker, managing director of UK National, QBE European Operations, said that it was ‘encouraging’ that SMEs in the professional services sector are experiencing an increased demand for their advice and support.
CCH is a trading name of Wolters Kluwer (UK) Limited. Registered in England & Wales, No. 450650. Registered office: 145 London Road, Kingston upon Thames, Surrey KT2 6SR. Wolters Kluwer (UK) Ltd is authorised and regulated by the Financial Services Authority for general insurance business.