Only 52?

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According to AccountingWEB:

There are currently 52 UK based accountancy and bookkeeping companies posting growing losses and, despite the obvious freeze in the credit markets, increasing their debts, according to the latest Plimsoll Industry Analysis study.

These so-called ‘zombie businesses’ are carrying debts at an average of 63% of turnover, existing simply to service their out of control liabilities. Many are also using their suppliers to finance their growing losses, taking twice as long as to pay their bills as the industry average of 44 days.

Only 52? I’d be amazed of it is that low.

Dennis Howlett’s analysis of the situation is spot on. I’m so glad I quit the sausage factory of mainstream practice some time ago. I think I got the timing right. And like Dennis, i really can’t see myself going back now.

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