It’s not been the most rewarding few months for bankers to say the least. Battered, both in reputation and in pocket, most are currently somewhere between floundering and treading water. Will it come as much surprise then that most entrepreneurs value their bank manager's business counselling with less regard than carbon-cutting tips from Jeremy Clarkson?
Probably not. The latest in a long history of polls hoisting accountants to the top of an advisory pedestal has just been released by Sage. According to the survey, two-thirds of businesses are approaching their accountants for advice on a whole range of concerns outside the staple tax issues. Banks and trade associations are languishing in the queue to hand out pearls of business wisdom.
But should entrepreneurs be so heavily reliant on their accountants? A self-employed friend of mine was recently informed she owes an extra £600 to the taxman because her accountant accidentally wrote the wrong year on some paperwork. Said accountant has sheepishly offered to deduct any resulting fines or interest from his fee, but the real price he’ll pay will be loss of trust. There will be more than a flicker of doubt when he hands over the details of next year's tax return.
So while it’s natural to turn to your accountant for financial advice, never underestimate the value of giving the paperwork a quick glance over yourself. After all, you should have a rough idea at all times of what’s coming in, what’s going out, and what financial cluster bombs to expect round the corner.
But before I’m hounded by a stampede of furiously affronted accountants, I’ll leave you with this figure: only 2% of business owners plan to change their number-cruncher within the next two years, leaving a whopping 98% of you calculator-wielding maestros with happy little entrepreneurs on your balance sheets.