When In Financial Doubt, SMEs Google It

New research shows where small business owners are turning to when in need of financial help — Google. According to findings from IGF Invoice Finance, about one-third of U.K. small businesses run a quick online search for financial advice or seek out guidance on social media. Only slightly more — 34 percent — reported going first to their accountant.

According to reports, the findings raise concerns that SMEs are seeking out inexpert, biased, generic or out-of-date information to help them manage their finances.

“Without advice, SMEs simply cannot make an informed decision, and in business an uninformed decision is often a wrong decision,” said IGF Invoice Finance Managing Director Tracy Ewen.

Ewen added that Internet and social media searches may sometimes provide accurate information but cannot provide the level of customization necessary for business owners to access the right information.

“No two businesses are the same, so using tactics or applying advice that has worked for another company does not mean it will work for you,” the executive said.

The findings emerged soon after separate research from the Association of Chartered Certified Accountants revealed that among the most high-growth SMEs, one commonality is a financial executive that not only provides the right guidance for a small business but grows and flexes with the company as it changes.

“The remit of the finance function was almost always found to extend beyond operational tasks and processing during — and especially after — periods of high growth,” the report found. “As the finance function becomes a strategic business partner in itself, it often drives this growth or otherwise reciprocally feeds and accelerates it.”

Recent research also found that a significant portion of accountants with SMEs as clients are not using many of the more sophisticated tools, like cash flow software, that they recommend to their clients.

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