Deloitte Black Inc’s latest survey has revealed that suburban accounting and legal firms continue to see cash flow and working capital as the main barriers to achieving business goals.
The survey found that 29 percent of accounting and legal firms are struggling with their cash flow, compared with 27 percent in the last survey.
Deloitte Black Ink®, partner Simon Cathro says the global financial crisis (GFC) has driven many suburban accounting and legal firms and their clients to seek specialist advice earlier in their cycle of financial difficulty.
“In the past six months the Black Ink® network has received a fivefold increase in enquiries from members seeking specialist advice on tax, superannuation, refinancing and restructuring options, small business scenario planning and insolvency advice,” he said.
In order to address these issues, suburban firms’ have continued to increase the use and frequency of consulting an external advisor with almost 94 percent of respondents having used an external advisor in the six months to June 2009.