A vast majority of small accounting practices feel there is a shortage of financial solutions for start-ups in the UK and Northern Ireland.

According to a survey conducted by office supplies company Viking, 86% of the consulted firms voiced concern about the lack of financial support available for entrepreneurs.

The survey found nearly 60% of the respondents within the accounting sector believe that meagre funding opportunities are a contributing factor to SME accounting businesses failing.

Despite the challenging economic scenario, 77% of the respondents have observed an outgrowth in the number of start-ups during the last five years.

Half of the surveyed firms remain optimistic in their prospects for the next year, answering they would be able to keep market share with some 31% of them expecting to grow in the same period.

"The current state of the accounting sector is an encouraging one, but also one that needs to be carefully managed," Viking commercial director John O’Keeffe said.

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By GlobalData

According to O’Keeffe, SMEs need to have sufficient funding to unlock their potential and develop into successful ventures.

Related link
Viking small business barometer