Most business owners turn to accountants to provide advice on potential funding options, a study has found.
Peer-to-peer finance firm MarketInvoice polled 3,874 businesses and found 56% went to their accountant for ways to boost their cashflow.
A further 23% asked said accountants were twice as important as commercial finance brokers, while just 6% would speak to a bank.
Faced with a period of uncertainty, 38% of business owners said they were anticipating a cash squeeze over the next 6 months.
35% of those would turn to invoice financing, with overdrafts (30%) and credit cards (7%) other options for additional funding.
Businesses expressed some compromises would be made to manage the effects of negative cashflow, with 34% considering shelving plans for expansion.
A further 33% would hold off from launching new products and 20% would reduce their marketing spend.
Darvish Heshejin, head of partnerships at MarketInvoice, said:
“Accountants and commercial finance brokers are increasingly becoming the default go-to for advice on business finance, especially where funding is required quickly.
“It’s imperative these professionals are aware of the wider funding opportunities available to provide the best, most comprehensive advice to their clients and find the solution that fits.”