Finance options to establish and grow your accountancy practice

Accountants know better than anyone the benefits of good financial management - and why it is essential to have the right funding solutions in place. 

At Rangewell, we can help you find those solutions. We work with both established and new accountant practices across the UK - that means we know the challenge your practice faces - and the answers to them.

From learning the types of commercial loan available to you through to putting together your loan application, and even determining which loan has the best repayment terms, we're here to help. 

Speak to Rangewell today to kick off your loan application, or keep reading to find out more about how the right finance package can transform your practice.

Types of finance for accountants

If you are an experienced accountant, you may wish to buy into an existing practice as a partner, or even buy it outright. The costs involved may depend on the turnover of the practice as it stands, as well as the potential for growth.

We can help you secure a number of commercial loans to let you buy into an established practice, including a Partner Equity Loan. This can take the form of an interest-only loan with a term of up to 25 years, which can be the most appropriate way to buy into a practice. We also specialise in working with borrowers who are buying into practices.

So, let's take a closer look at the situations in which a business loan could help your accounting firm. 

Setting up a new accountancy practice

Setting up a new accountancy practice will probably require you to find an office. A serviced office will require an upfront payment while renting a small independent office will mean acquiring everything from a desk and chair to a computer. In addition, electricity and business rates will have to be paid for, and you will need to invest in local marketing, which these days should probably include setting up a website.

Growing an accountancy practice

If you have joined an existing practice as a partner or become the owner outright you will probably need to invest for the future.

Dealing with cash flow

Cash flow can be a problem for many accountants, especially in the early years of running their own practice. Your workload can be seasonal. Tax year-end means a peak of business - but your office, staff, marketing and other overheads will be regular fixed costs year-round.

What's more, clients will frequently take their time to pay for your services. Long delays in getting paid can mean business growth can be a problem. On the other hand, more work may not mean more cash until months have passed.

Invoice Finance

Invoice Finance for accountants can provide a solution to your cash flow issues. 

Rather than having to wait up to 120 days for an invoice to be paid, it lets you take up to 90% of the value of each invoice immediately, with the remainder paid to you, minus fees, once the customer settles the outstanding balance.

Working Capital Finance

Working Capital Finance is often used to deal with overheads while a practice is finding its feet. It is a loan usually designed to be repaid in the short- to medium-term, once your cash flow is established and your business is fully profitable.

Borrowing

Borrowing to keep a cash reserve can be another solution to ongoing cash flow concerns. We work with lenders across the UK market and can help you secure the most competitive Secured and Unsecured business loans.

Overdraft replacement

Short-term cash flow issues used to be dealt with by a bank overdraft. These days, overdrafts have become harder to get - fortunately, there are now some overdraft replacement products that work in a similar way.

Funding your premises

Premises can represent a major investment for any business. The cost of renting a small office will depend on your location, and the square footage you need - it may be best to take on more space than might be strictly necessary to allow you to take on assistants or a partner in the future.

There may be service charges and business rates on top of the bare lease. You may need upfront funding to secure the agreement - we can provide a number of solutions to help you.

However, renting means ongoing costs, and puts your practice at risk of rent increases. Buying your premises with a Commercial Mortgage could actually decrease your monthly outgoings, and provide your business with a valuable asset for the future. Commercial Mortgages can help you buy your premises or even an existing practice. It is uneconomic to borrow less than £50,000, and some lenders have a minimum of £75,000 or more, but there is no set upper limit.

Commercial Property Finance is arranged on an individual basis - but, as an accountant, you should have no difficulty in securing preferential rates that reflect your professional status.

Remember, if you already own your premises, a Commercial Mortgage might be a cost-effective way to raise funds to use elsewhere in your business.

Funding for your equipment

Whether you are starting up, buying into an existing business, or ready to move your current operation on, you will need office equipment.

Your IT setup, such as computers, printers and other hardware, are all expensive items, and you may need specialised accounting software with operating licenses and renewals, training and maintenance. You will also need to furnish your office.

At Rangewell, we can help you find the most appropriate Asset Funding solutions for your needs, with both Hire Purchase and Lease agreements, together with business Contract Hire for your vehicles.

Business loans for growth

At Rangewell, we work with lenders across the UK market and can help you secure the most competitive Secured and Unsecured business loans.

We can also help with a number of specialised loan products:

Tax loans

Tax is inevitable, but a large quarterly VAT or annual tax demand can cause problems with your cash flow, particularly when it falls at the same time as other costs. Tax loans help you to spread the cost of your tax demands into affordable monthly payments.

• Better control of cash flow
• Fixed monthly payments
• Quick and simple to arrange
• Avoids issues with HMRC, potential penalties and professional liabilities

Working Capital Finance

Working Capital Finance is often used to provide cash to pay staff and suppliers while business is slow during the early weeks and months of a new practice, or during a period of growth. It is usually designed to be repaid in the short- to medium-term, once the practice is fully on its feet.

Growth Finance

Large-scale finance can be vital if you have major plans such as acquiring a competitor. Growth Finance is a type of lending that may be able to provide a solution.

Lenders may require an established trading history and record of profits, but it may be possible to arrange Growth Finance based on your profit projections, rather than on your trading history.

Get our help finding the most appropriate lending for your needs.

Should you consider alternative business funding?

Alternative business funding, such as Crowdfunding and Venture Capital might appear attractive - but as an accountant, you will be fully aware of the drawbacks, which include high cost, delay and even loss of control.

Fortunately, we can help you and your clients find better alternatives to Crowdfunding and Venture Capital, from the new generation of lenders who have a more flexible approach than traditional funding sources.

Helping your clients to secure funding

As an accountant, you will have a growing number of clients who will be in need of business funding. At Rangewell, we can work with you to help your clients find the funding they need.

You retain full control. Introducing your clients to our service allows you to provide extra value to them and help move their business forward. We make no charge for our services - and acting as an introducer in this way can help your practice create an important additional source of revenue for you.

Find out more about acting as an introducer, and the additional revenue it could generate for you.

Loans for accountants with Rangewell

At Rangewell, our expertise works to bring you the financial solutions you need to capitalise on your business, whether you want to fund capital expenses, working capital or growth. Finding the most appropriate solution for your funding needs takes a thorough understanding, both of the lending market and the products available in it.

At Rangewell,  we have the expertise you need to navigate the application process and secure the best funding for your situation. We know the lenders who can offer the most competitive rates for the accountancy profession. and we find solutions for all types of finance including Unsecured and Secured Loans, Invoice Finance, Asset Finance, Merchant Cash Advance, Commercial Mortgages, Growth Finance and more.

Whether you have a straightforward plan that requires financial support or you need a more complex ‘Jigsaw’ funding plan made up of a combination of products, we can work with you to find the answers that are right for your needs. 

Call us now to get our experts working for you and your practice.