Recent research shows that accountants still believe that bank overdrafts are the best way of helping fund growing businesses.
While two thirds of accountants advise clients on finance raising options, it is traditional bank finance which is still the most popular option with half (51%) of accountants who make recommendations suggesting that their clients speak with a bank about their finance needs.
More than one in three (36%) accountants would propose invoice financing, ahead of a business loan (34%).
The majority of accountants who do not currently refer their clients cited a lack of understanding of the different finance options as the main reason for their reluctance.
Others (19%) indicated the time and cost burden in sourcing the appropriate options, while one in five cited the administrative stress in managing the relationship between a potential lender and their client.
PMD Business Finance are ideally placed with a wide panel of lenders to undertake the research of matching a client with the right funder and offering a complete portfolio of bespoke options for SME’s to suit their needs.
This research dispels the myth that invoice finance is a last resort for businesses, accountants are clearly acknowledging the vital role it can play in helping companies manage their cash flow needs.
Do not hesitate to contact us on 0161 633 2548 if you have any requirements.