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Accountants Most trusted Business Advisors - Since Banking Crisis

Accountants More Trusted Than Bank Managers for Business Advice

The news that people are more likely to trust their accountants for business advice, more than their bank manager was published on Accountancy Age's website last December. Read the full article here. This seemingly small story was then "shared" via LinkedIn, "retweeted" on Twitter and "liked" through Facebook over 2000 times. The full research findings which are part of the Sage Omnibus survey, Written by Jim Scott the Managing Director of Sage Accountancy division. To read the full report: Sage Guide to Pulse Survey

Why Are Accountants Held in Higher Esteem as Business Advisors Than Banks? 

Why would it be that wise words from an accountant are held in higher esteem than the advice given by banks? Well, it's no secret that banks have been struggling in the last few years. The public have had their trust shattered with news of government bailouts alongside huge personal bonuses still being handed to bankers. 

The banking Crisis has hit Everyone.

Add to this the deep public spending cuts being introduced by the government and the press informing us just how much the banks have cost each one of us. The public is now very wary of trusting banks, deemed as the cause of our struggles, as business advisors. Accountants are being turned to as a more trusted source for business advice.

Accountants have also been given a hard time Over the Banking Crisis 

As auditors they have been accused of not doing enough to see the warning signs. Accountants might have turned a blind eye so have even been accused of complicity in the banking crisis. Accountants have also been criticised for their large fees and for the way they help multinationals deal with their tax affairs.

Are any of these issues straightforward? Of course they aren't. Accountants argue their role is to do the bidding of their customers within a legal framework as well as a contractual one. They claim the criticism of them is usually from badly informed politicians who are looking to deflect the spotlight from their own inadequacies.

The Banking Crisis is Causing a Lot of Firms to Change Direction. 

They are not as likely or even willing to dance around legislation with the HMRC as they used to. The general mood is that it is not the way you do business anymore.

Some have commented that accountants are simply relieved they are more popular and more trusted than bankers.

Without Accountants, Auditors and Tax Advisors, the HMRC Wouldn't be able to Operate. 

Businesses and individuals would have a difficult time preparing their accounts. Creditors too would end up with less without the support of experts in the field.

People in the Accountancy industry should be very proud of their work because they are doing a very important job. Recognition of this fact through events such as British Accountancy Awards can only help.

Accountants More Trusted Than Bank Managers for Business Advice

Written By Adam Tachauer of Circle Square - To search all of our current jobs

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