One in three small businesses relies on social media or Google for financial advice

Generic and potentially out of date information is being used to make key decisions

One in three small businesses rely on social media or Google for financial advice (Getty Images)

One in three small businesses are getting their financial advice from Google and social networks, according to a new study.

Small and medium sized-businesses (SMEs) are considered the lifeblood of the UK economy and rely on accurate business projections if they want to survive in times of economic uncertainty.

But a study shows that there is little difference between the number of small businesses turning to trained experts for advise and those using content from social media and search engines, according to new study by IGF Invoice Finance.

Only slightly more - 34 per cent - say that their accountant is their most trusted source of business advice.

That means a third of businesses are turning to generic and potentially out of date information when making key business decisions.

"Without advice, SMEs simply cannot make an informed decisions, and in business an uninformed decision is often a wrong decision,” said Tracy Ewen, managing director of IGF Invoice Finance.

Whilst the internet is undoubtedly a valuable source of information, social media and search engines cannot possibly provide the highly personal levels of advice that are needed to make sound financial decisions, Ewen said.

"No two businesses are the same, so using tactics or applying advice that has worked for another company does not mean it will work for you,” she said.