How accountants can fulfil the rising demand for professional services

As professional accountants, you are best placed to assist this tide of new businesses

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Internet searches for ‘side-hustle ideas’ are up 326% as people look for ways to pay for rising living costs.

Amid soaring energy prices and the cost-of-living crisis, more and more people are searching online for ways to make extra money on the side. Analysis of Google data by Novuna Business Cash Flow has found that searches for ‘side hustle ideas’ have increased by 326%, with 8,100 inputting this search phrase on Google last month – 6,200 more than this time last year.

Other popular search terms for would-be entrepreneurs include: how to start a business (18,100 monthly searches) and how to write a business plan (3,600 monthly searches).

The findings show that the most popular searches related to starting a business are:

With more people looking to set up their own business, demand for accountants will rise. Practitioners who are able to market themselves correctly may be able to pick up more clients and increase their fee base.

Members can use some or all of the following tools to position themselves for this rising demand:

Members can use some or all of the following tools to position themselves for this rising demand.

Despite the increased interest in entrepreneurialism, a new survey suggests that business owners and start-ups are finding it difficult to get finance. A poll conducted by Sonovate has found that more than a quarter (26%) of business leaders have had difficulty accessing finance from the main banks, 38% say that banks don't understand their business needs and 41% think banks' lending policies haven't kept pace with modern business needs.

It comes as the Financial Conduct Authority (FCA) has warned banks to improve their treatment of small business owners after a review found instances of lenders treating small businesses unfairly.

Meanwhile, the findings show that businesses that access non-traditional forms of finance are seeing tangible benefits. Over a third (37%) of businesses surveyed say that alternative lenders make it easier to access funding and 76% say that invoice financing tools have greatly benefited their business. However, only 5% of those polled secured a loan or accessed invoice finance from an alternative lender in the past 12 months.

Practitioners may benefit from boosting their funding knowledge to fill the gap in the funding arena. Why not look at upskilling your team’s business finance knowledge – read how Capitalise helped MAP Accountants offer finance advice to their clients.

ACCA and Capitalise have partnered to bring members a suite of CPD-certified learning courses to help deepen your knowledge and confidence around funding whilst giving you the important insight into how lenders and banks work, putting you in the best position to support your clients around their broader business needs.

Brought to you in conjunction with Atom Content Marketing. Offering practical advice to help small businesses succeed.