The survey by business recovery specialists Begbies Traynor said that although seven of the 72 clubs are currently "in distress" that is six fewer than in March 2012.
It is up, however, on October last year, when only two clubs signalled they were facing problems.
Gerald Krasner, a Begbies Traynor partner and formerly Leeds chairman and joint administrator of both Bournemouth and Port Vale, said: "Football clubs feel the pinch in the spring each year as the receipts from season tickets, television money and other income that lands earlier in the year runs low.
"This accounts for the rise in distress in the past six months, but the comparison with distress levels in the game a year ago indicates the start of a welcome fall in underlying financial problems.
"That said, as well as the well-publicised issues at Portsmouth and Coventry, there are at least five other clubs struggling to keep their heads above water with a few months left of the season.
"What we have also seen through the survey is that the distress is being felt much more in the lower divisions, and there are likely to be problems ahead for at least six more clubs over the coming months."
According to the survey, match attendances in the Championship, League One and League Two fell by 3%, 16% and 5% respectively so far this season, but there has been a rise of 3% in the Premier League.