Poor professional advice is costing British businesses billions of pounds. According to research conducted by Direct Line for Business, more than 320,000 UK businesses have been let down by some form of professional advice to the tune of around £20,482 each over the last 12 months.
In all, it equates to a massive £6.4bn being attributed to misleading advice costing the UK’s small and micro-businesses
The results were not purely financial, with around 46% of those affected having to lay off staff as a direct result, and 30% saying their expansion plans had to be scaled back or cancelled. 20% of micro-businesses report to have lost between £50,000 and £100,000.
The survey reveals that the group earmarked as most likely to give damaging advice was IT consultants, followed by management and marketing consultants, while 10% said that they were hit by poor accountancy guidance.
If you feel you have been let down by poor accountancy advice, come and talk to us at Green & Co.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
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