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These findings, released by Venture Finance, are further evidence that SMEs are increasingly looking for additional support from accountants, and consult their expertise on a wider range of issues.

Reasons for SMEs becoming dissatisfied with their high street banks have been well reported recently. In April, the Federation of Small Businesses (FSB) released the findings of its small business banking study. It revealed that respondents felt switching accounts, overcharging and poor customer services are the areas of bank service which cause the most problems.

Venture’s research suggests accountants are playing an increasingly sophisticated role within the SME sector. It seems accountants’ financial consultation services have evolved to the point where they offer essential guidance in important business matters such as funding options.

Steve Websdale, Director of Venture Finance, acknowledges this shift in the relationship between SME and accountant.

He comments: “Small businesses employ fifty eight per cent of the private sector workforce and contribute fifty per cent of UK GDP. Their success is vital to the economic well-being of the country."

"It is in the interests of the whole of the UK to ensure that they can succeed and they need affordable, reliable banking services to do so. In light of increasing financial options accountants are increasingly expected to play the role of protector and guide.”

Related links

• Venture Finance