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Accountancy sector to experience growth in 2013?

According to recently conducted research, the majority of small accountancy and finance firms believe 2013 will be a year of growth for them.

58 per cent of small and medium sized financial service companies and accountants reported in a YouGov/Co-operative Bank survey recently that orders and sales will exhibit upwards growth over the next 12 months. On top of that, three out of every ten financial service SMEs indicated that they would most likely be looking to hire on additional staff, either as full-time permanent workers or perhaps as contract accountants, and 25 per cent of firms have plans to invest in their infrastructure by purchasing updated equipment or perhaps refurbishing or improving their offices.

The Co-operative Bank’s corporate and business banking managing director, Keith Alderson, commented on the survey results, remarking that it was gratifying to see so much excellent news when it comes to the confidence of small businesses. SMEs are a driving factor when it comes to the UK’s economy and its ability to recover from  recession, added Mr Alderson, who said he was quite keen to see 2012 – a rather challenging year – gone and financial service SMEs looking forward to growth in 2013.

The economy is hands-down the biggest concern with the lion’s share of businesses surveyed by the research study, with 90 per cent indicating that fear of economic turmoil outweighed any concerns over regulatory changes or bureaucratic red tape. 1 out of 5 businesses suffered declines in sales and orders last year, though only 14 per cent of those surveyed felt that this trend would continue over the next 12 months.

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