Without Minority Representation In Accounting Firms, Minority-Owned Small Businesses Are At Risk
One of the most important drivers of success for small-business entrepreneurs is access to guidance. An accountant, a skilled professional who is well-versed in managing a business' financials and can provide guidance on major business decisions, is the most important advisor a small-business owner can have. Their chances of success improve when they have access to the correct assistance and technology to better understand their financial situation.
The accounting profession suffers from a racial diversity problem. If minority entrepreneurs do not perceive themselves represented in the advisor population or feel that their specific issues will not be recognized, they are less inclined to seek support and help, resulting in higher failure rates.