Monahans study show 40% of SMEs expect to grow in 2014

Research conducted by Monahans in conjunction with the MHA, the UK association of accountancy and business advisory firms, predicts that 40% of SMEs expect their business to grow over the coming year.

The study, titled Funding and Finance, focused on SMEs’ experiences of funding and raising finance in 2013 and their expectations for 2014. The sample comprised over 225 SMEs from a diversity of industry sectors.

The Funding and Finance study enables Monahans to help finance providers shape their funding offerings to SMEs. Key findings included:

• 40% of respondents expect growth of over 10% in 2014
• 58% of respondents found fundraising “very easy”, “easy” or “average”
• Over a third of funding in 2013 was for investment in property and plant
• 30% of respondents sought advice from their accountants and 29% from their bank
• Banks and asset-based lending accounted for over half of funding granted in 2013

Respondents were asked about a variety of business topics such as research and development, employment and exports. Finance-based questions exploring sustainability, future concerns, banking and pricing were also included.

Ian Lloyd, Relationship Partner at Monahans, says, “There are exciting times ahead for SMEs that are financially strong enough to exploit growth opportunities. This is a great opportunity for the government and the finance industry to support businesses with clear information about available schemes”. 

Monahans is one of the largest independent chartered accountancy groups in the west of England. The firm, which also incorporates Monahans Financial Services and Monahans Accountancy Services, provides a full range of accountancy, tax, investment and insurance services to businesses and private individuals.

Monahans has offices in Bath, Chippenham, Glastonbury, Swindon and Trowbridge. 

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Monahans – Backgrounder

Monahans

With 16 partners and a total staff of around 120 across its offices in Bath, Chippenham, Glastonbury, Swindon and Trowbridge, Monahans is one of the largest independent chartered accountancy groups in the west of England. The firm, which also incorporates Monahans Financial Services Ltd, provides a full range of accountancy, tax, investment, insurance and human resource services to businesses and private individuals:

Accountancy Services, available to all types of organisation including limited companies, partnerships, sole traders, charities and trusts. Services include full production of accounts, tax computations, book keeping and a management accounts function.

Audit Services, providing independent confirmation of clients’ accounts, adding credibility in the eyes of third parties.

Business Recovery and Insolvency, helping both businesses and private individuals understand their options and make informed choices.

Business acquisition and disposal, maximising the value and tax efficiency of the sale of businesses and helping clients research, initiate and conclude purchasing opportunities.

Elite Payroll Service, taking the hassle out of this time-consuming, yet crucial financial function. Monahans is a BACS Approved Payroll Bureau and handles payroll procedures to the value of more than £4 million every month.

Employee Benefit Services, a range of employee benefits designed to help clients attract and retain the best people. Benefits include pensions, death in service schemes, private medical insurance and eye tests, retirement options, childcare vouchers and cycle to work schemes.

Forensic Accounting. Acting as an expert witness, expert adviser or expert determiner, Monahans offers extensive and in-depth experience in dispute processes.

HR Solutions, offering ad hoc support as and when required or acting as the client’s in-house human resources department.

IT Services, a range of business and finance-aligned IT advisory services and software solutions. Monahans provides management information systems, specialist reporting, database development and admin and management training.

Strategic Business Improvement, including strategic and financial planning and a business development consultancy.

Integrated Tax Services, helping businesses, trusts and individual clients understand the complexities of theUK and international tax systems and minimise tax liabilities within the legal framework.

Monahans encourages its staff to think creatively and, through a structured support system, has created an environment in which people can develop their skills and further their careers. As well as an ACCA (Association of Chartered Certified Accountants) Gold Award for the quality of training it provides its trainees, Monahans has been awarded ACCA Approved Employer – Professional Development status.