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North West Accountants Positive About Performance in 2009
15/01/09  Over 3000 businesses from the Manchester area were polled in the North West Business Survey, with many responses coming from representatives of the city's leading professional sector firms. An analysis of results from the accountancy sector revealed a positive outlook in comparison to that of other business sectors. 68 per cent of accountants said they expected fee income to increase during the next 12 months, the highest proportion in any sector; whilst only 11 per cent said they expected overall profitability to fall, the lowest proportion from any sector. Although the majority of firms did expect to reduce staff numbers during the coming months, 53% also said that the credit crunch had not affected their overall ability to grow their business with a further 89 per cent saying they would not be amending their standard terms and conditions in response to market conditions. 73 per cent also said that their investment plans for their business had not changed. According to survey responses the biggest causes of concern for accountants were interest rates, exchange rates and competition, the latter being more of an issue for accountants than for any other sector. Cash flow was also highlighted as a concern, but this was common in all sectors. The most important factor governing the future success of accountancy businesses was reported to be the availability of suitably qualified employees. Chris Baguley, managing director of Bridging Finance Limited added: "The resilience and optimism shown by the accountancy sector is definitely amongst the most positive findings of our survey. Not only does it suggest that Manchester's professional sector remains robust in the face of current conditions, it also demonstrates that other businesses are taking advantage of the expertise on offer from our professional advisers to help them beat the downturn. This is exactly the kind of pro-active approach we've come to expect from the region's business community." print page
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