Finance as part of an accountant’s toolkit
Finance as part of an accountant’s toolkit
An ultra lean accountancy business
OBC Accountants have transformed themselves over time, increasing capacity and bolstering the resources to focus on client issues.
Michael Ogilvie explains, “Our whole approach is to get rid of traditional accounting, and try to use technology as much as we can. It’s all to do with the trusted advisor concept.”
It’s an approach that’s brought them closer to their large range of clients. Michael tells us, “We ask them to let us get really involved, and face some uncomfortable truths with them along the way.”
Cash flow can catch businesses out
Bringing clients on this journey takes time, but the value for Michael is obvious, “In my experience businesses don’t always know what they’re facing.”
Cash flow is a key part of this, “It creeps up on some businesses because they’re not necessarily in touch with their financial admin. They make a lot of money, so have a lot of tax to pay. But they need to be looking a year ahead, and this is where we can start playing a more active role. The unexpected can still bring up short term needs”.
Understanding the finance options available, and helping clients evaluate them is an important part of the support Ogilvie offers, “There are lots of aspects that affect the type of finance which could be appropriate, and these are not always easily understood. We have to look beyond the traditional bank lenders for certain borrowers needs”.
Picking the right options
Mike’s clear that the factors around lending options need to be seen in the round, “It’s also about managing cash flow, as well as the suitability and stability of the loan”.
“iwoca is great for equipment purchase and short term seasonal cash issues. Things like unexpected tax bills, saving supplier relationships, and purchasing to take advantage of an opportunity”.
Support, finance and advisory services can transform business behaviour
A good example of how Ogilvie’s approach has worked in practice is with a recent hotel client, “This is a successful team, but the margins they were working to weren’t good enough. We helped arrange finance through iwoca to help with short term need, showed where profit improvements could be made, and now we are seeing individual managers developing initiatives to improve margins."
And with cloud at the heart of their practice, “The speed iwoca worked with us made all the difference.”
Find out how to become an introducer to iwoca from our accountants page.
- Borrow up to £500,000
- Repay early with no fees
- From 1 day to 24 months
- Applying won't affect your credit score
Top 5 attributes SME owners look for when hiring
Our research reveals the top attributes small business owners look for when hiring, and what impacts their hiring decisions.
How iwocaPay enabled Food4Heroes to keep providing free meals for NHS workers
Using iwocaPay, Food4Heroes had a sleek, new website built without having to pay for it upfront.
Supply chain finance
Supply chain finance plays a crucial role in the success of businesses in the UK. It involves various financial techniques and solutions that help optimise the movement of goods and funds along the supply chain. By understanding the basics of supply chain finance, businesses can unlock potential opportunities and drive growth in the competitive market.
A management buyout (MBO) is a well-known strategy in the business world that allows the existing management team to take control of a company by purchasing either all or a majority of the company's shares from its current owners. In the UK, management buyouts have gained significant popularity as a means of acquiring and managing businesses.
Property refurbishment loans
In today’s competitive real estate market, property refurbishment has become an increasingly popular strategy for investors looking to maximise their returns. However, undertaking a renovation project can often require a significant amount of capital upfront. This is where property refurbishment loans come in to provide the necessary funding. In this article, we will explore everything you need to know about these loans and how they can help turn your property investment dreams into a reality.