Accountants are the most trusted business advisers!

Accountants top the league when businesspeople turn to someone for advice - and not just to talk finance. More than two thirds of businesspeople (69%) say they ask their accountants about general business issues - ahead of banks (30%), solicitors (26%), the government or colleagues. That's just one conclusion of a substantial new study into the ups and downs of business life, the Sage Heartbeat Survey.

The survey uncovers the vital role played by accountants in the UK economy - as companies turn to them for support on an array of subjects from finance to what computer software to buy. Accounting software is also recognised by over a third of businesses as the software their business could least do without, coming second only behind office suite software (43%).

According to Paul Stobart, managing director of Sage UK, "This survey highlights what we already know, namely how central an accountant's role is in helping businesses with the daily demands of running a company. The challenge for accountants, and for Sage, is how we can help them grow their own business as well as develop their role as trusted advisers for their customers.

"Our goal is to provide accountants with more and more tools, so that they can help their clients with many different facets of their business. There is no other advisor as well placed an accountant to do this and yet to date, we believe, the majority of accountants serving growing businesses have only just scratched the surface of the wider opportunity."

The Sage Heartbeat Survey also reveals that over a quarter of business owners wouldn't start up in business again - and less than half (46%) would actively encourage their children to set up their own firm. There is a correlation between the reasons people are in business - Sage has identified five key profiles - and their financial performance. Accountants are perfectly placed to help raise the game of those businesses that are least likely to be profitable and most likely to want out.

Those who have made active decisions to set up in business (Materialists, Innovators and Lifestylers) are more positive and more successful than those whose business has come their way by chance or family circumstance (Developers and Inheritors). In fact, those who have inherited their company are least inclined to want another one or to actively encourage their children to go into business. The family firm could be in terminal decline.

While the survey highlights a number of issues businesses face, it does not set out to understand why entrepreneurs would not want to set up again. Nevertheless, Sage's Business Heartbeat Survey does provide a number of reasons why British businesses may not want to do it all again despite the fact that in general they are upbeat about next year's financial performance (71% expect turnover to increase next year).

Key findings

- Accountants are the first people businesspeople turn to when they want general advice. A massive 69% put their faith in accountants, way ahead of any other group. Only 30% approach a bank or building society and just 26% ask a solicitor.

- Reliance on accountants is widespread across the UK – but highest in Scotland (75%) and lowest in Wales (57%).

- A third of business people (32%) would take a recommendation from their accountants about buying new technology. Only the opinions of friends and family are trusted more when it comes to IT.

- Women are more likely to trust their accountants when buying new technology (40%) than men (28%). Regionally, accountants are most trusted to offer advice on technology in the West Midlands.

- Financial advice is the kind of support most required by business (78%), well ahead of technological or legal matters.

- People who have inherited their companies are the most likely business group to turn to accountants (75%) with nine out of ten saying financial support is the business advice they most need.