CPAs continue to be the most trusted advisors of small business owners, according to a survey by InterPay, a payroll company in Mansfield, Mass.
After CPAs, the most trusted advisors are business friends, then attorneys and lastly bankers, says Curt Raffi, InterPay spokesman. “CPAs are still controlling most of the movement of advice in the small business market.”
The survey also indicates there is a general dearth of insurance and benefits-related data reaching the small business field.
InterPay asked its clients four questions ranging from the benefits they feel compelled to offer employees, to who is their most trusted business advisor.
Thirty-one percent said business has increased 1%-5% compared with last year; 58% identified their CPA as their most trusted business advisor; 70% said offering healthcare is necessary in the hiring process; 70% do not offer pre-taxed plans (Section 125 & Flexible Spending Accounts) for their employees.
Many small business owners are eligible to offer pre-tax flexible spending plans but are not aware of it, Raffi says.