How Accountants Act As Business Advisors - 978 Words

This paper examines how accountants act as business advisors to small businesses, causing them to have a lower risk of failure and higher growth rate than those who do not. The research findings of Barbera, Hasso, and Rajavel were extremely helpful in supporting this thesis. Dr. Rajavel studied failing or failed businesses in an â€Å"economically resourceful† set of islands in the Bay of Bengal. He published a journal article based on his findings entitled â€Å"A Study on Causes for Business Failure: An Empirical Analysis†. While his writing mainly discussed the causes of business failure, he also advises entrepreuners to seek the help of those professionals necessary to prevent their problems (2013). Francesco Barbara and Tim Hasso elaborate on the lack of previous research into the importance of an accountant, especially in the small family-owned sector. They compared 2,004 of these in the Business Longitudinal Survey (BLS) of Australia and found the majority to cur rently or previously use an outside accountant. They compare young businesses to old and confirm the advisors who get to know their clients help younger companies gain stability and help older companies increase growth (2013). With such limited research in this area, these researchers play a key role in the information provided within. After studying 2,004 family firms, researchers Barbera and Hasso stated: â€Å"of all family SMEs (small-medium enterprises), nearly 89% have used an external accountant.† This has shownShow MoreRelatedBusiness And Tax Strategies With The Right Accountant1256 Words   |  6 PagesFinding the Right Accountant Curating Your Business and Tax Strategies with the Right Accountant Choosing the right accountant can seriously impact your taxes, ability to build wealth and your lifestyle. 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