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Financing & Cash management from my Accountant

partnership

Whether we agree with it or not, technology has become an essential part of any business model, whether that be sales, marketing or supply chain elements.  In a world where every individual has powerful smartphone technology available at their fingertips, and where the technical constraints on the low cost, efficient movement of data between people, institutions and countries have been all but eliminated, technology is lowering the barriers and creating greater commoditisation of services once perceived as value added.

Accountancy practices need to not only adopt new technologies, such as cloud platforms, but also be seen to offer integrated services that address a myriad of needs which will re-enforce their status as their clients’ most trusted advisor.

As advisor, my accountant needs to display knowledge, wisdom and a willingness to engage on all aspects of my business, not just the numbers.  I, like many others are looking for them to assume a broader role in assisting me and I am prepared to pay for this expertise.

My own accountant confirms that within his practice there are two business areas that commonly need to be addressed:

  • cash flow financing, and
  • earning a reasonable return on cash surpluses

and he is looking at ways the alternative finance space can help the ecosystem of his client base address the above questions.

To date there have been many successful partnerships created serving wealth management, but little has been offered on any scale in the financing or cash management space.  FloFunder enables accountants to leverage their expertise to help clients develop their businesses. It also enables them to grow and diversify audit revenue streams put under pressure by the advent of cloud based accounting systems which diminish the auditors’ role and charging potential.

All businesses attempt to move up the value chain to monetise their existing client base, improve retention and increase fee paying clients, and accountancy practices are no different.