2 min read17 April 2019
“The speed iwoca worked with us made all the difference.”17 April 2019
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.”
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”.
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”.
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.”
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