Accountancy Practice Loans

Would your accountancy business benefit from practice finance with several different funding options?

We offer unsecured practice loans for accountants and practices with flexible terms and repayment options. We assist accountancy practices to meet their financial obligations and grow their businesses.

Our lenders provide unsecured professional loans, flexible and available to accountancy firms of all sizes, with loans from £5,000 to £250,000 available. We can also assist with your quarterly VAT obligations and tax payments.

Areas where our accountancy finance products may be applicable:

Here at Smart Funding Solutions, helping to find finance for accountants is something we do every day. Finding the right financial solution for your practice can be time consuming and frustrating, we do all the hard work for you. Due to the popularity of business funding nowadays, there’s no shortage of funding options, giving you flexibility to chose a product that best suits your business.

Apply for accountancy funding

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How does it work?

Fill in our form​

A member of the team will be in touch to collect some basic information. This helps us understand the type of funding that would best suit your business.

We find the best funding for you

We use the information you provided to source the best funding options for you and your business using our panel of over 250 lenders.

We present your options

We’ll then present you will all of the funding options available to you and give you time to decide which one you would like to proceed with.

Simple business funding

Business finance and professions finance can be unsecured loans or secured loans. Securing funding via either of these routes can be quick and simple. Unsecured loans can be used to cover tax bills otherwise known as tax funding, a partner buy out, or general working capital. Secured loans are typically used for things like a commercial property finance, such as a commercial mortgage. We can also look at other forms of property finance, a common one being bridging loans.

Whichever route you choose to explore it’s important to weigh up all loan options, advantages and disadvantages and even spend some time looking through a loans guide to familiarise yourself with some of the finance options available to you.

There are thousands of professional practices in the UK, all working in their own unique way. This is why we analyse the products available to you on an individual basis, making sure you receive your ideal type of financing and finance solutions. We can assist a limited company, sole trader and limited liability partnership registered in England and Wales, Scotland and Northern Ireland from start to finish with accountant loans.

How does it work?

For the accounting industry, we provide a variety of custom financing alternatives, such as professional practice loans, hire purchase agreements, and lease agreements.

As an accountant, you are aware of the importance of safeguarding your assets and making long-term plans. You also make sure that your cash flow is strong and doesn’t jeopardise any existing credit lines. Whether you are a start-up or an established practice, we provide a variety of financial alternatives that can be personalised to match your specific needs.

You understand the value of locating the best suitable finance for your practice as an accountant. At Smart Funding Solutions, we work with lenders from every sector of the loan industry and apply our knowledge to identify those who would provide your practice with the most affordable funding options.

Accountants Loans

Accountants are more knowledgeable than anyone else about the advantages of sound financial management and the need for effective funding solutions.

We can assist you in locating those answers. We work with both established and brand-new accounting firms across the UK, so we are aware of the challenges your firm encounters and the solutions to those challenges.

We can assist you with everything from understanding the different business loan options accessible to you to putting together your loan application and even choosing the loan with the most favourable repayment conditions.

What is available for accountants?

If you have accounting experience, you might want to become a partner in an established practice or perhaps buy it completely. The associated expenditures may vary depending on the practice’s current turnover and room for expansion.

With loans ranging from £5,000 to £250,000 accessible, our unsecured professional loans are adaptable and available to accounting firms of all sizes. Additionally, we can help you with your quarterly VAT and tax payments.

We’ve put together some popular solutions:

insurance

Professional Indemnity Insurance (PII) funding

Funding for Professional Indemnity Insurance (PII) – Since premiums rise annually, extending the payments out can help with cash flow. PII is required for professional practices to operate.
Once authorised, the loan can be paid straight into your practice’s account or pay your preferred PII insurer immediately.

short term goals

Short-term business loan

VAT commitments for each quarter and tax funding – Spread out over 3–12 months, a short-term business loan to pay expenses like your VAT payment can boost your cash flow and free up funds for investment in other areas of your practice.

Business savings accounts

Working capital funding

To cover expenses when your practice is getting off the ground, working capital financing is frequently utilised. Once your cash flow is established and your business is fully profitable, the loan is often intended to be repaid in the short to medium term.
A professional practice working capital loan can be the answer if you need a financial boost to support business investments like partner buy-ins or buy-outs, acquisitions, or renovations.

revolving

Revolving credit facility

A bank overdraft used to be utilised to solve short-term cash flow problems. Overdrafts are increasingly more difficult to obtain, but fortunately, various overdraft alternative products on the market function similarly.
Only pay interest when you use the credit facility – The interest rate on credit facility loans is set, and you only pay interest when you use the facility. If you aren’t using it, you don’t have to pay interest. You can control the finance option with ease.

Liquid assets

Invoice finance

Your cash flow problems may be resolved via invoice financing for accountants. It allows you to accept up to 90% of the value of each invoice instantly, with the remaining amount remitted to you, minus costs, if the customer settles the residual balance, as opposed to having to wait up to 120 days for an invoice to be paid.

cash flow

Cash flow funding

For many accountants, particularly in the early years of starting their firm, cash flow can be a challenge. Your workload could vary seasonally. Business peaks at the end of the tax year, but your office, personnel, marketing, and other overheads will remain regular fixed costs all year long.
Additionally, customers typically wait a while before paying for your services. Long payment lag times might make business expansion problematic. On the other side, it can take months before doing more labour resulting in earning more money.

pound bag

Loan consolidation

A consolidation loan can be your best choice if you have a lot of open contracts, credit card debt, and other ongoing financial obligations.
Your debts might be consolidated or refinanced, which offers various benefits. You can free up cash flow and consequently minimise stress by merging your existing debt into one monthly payment over a term that fits your circumstances.

How can we assist your clients?

A growing proportion of your clients as an accountant will require company financing. We at Smart Funding Solutions can collaborate with you to assist your clients in obtaining the necessary funding.

You continue to be in complete control. You may add value to your client’s businesses by introducing them to our service. We provide these services at no cost to you, and by serving as an introducer in this way, you may be able to assist your practice to develop a significant new revenue stream.

We get to know your clients personally as part of our strategy, which is completely approved by the Financial Conduct Authority. This enables us to precisely match their needs with the most suitable facility and lender, allowing them to concentrate on running their businesses.

Can I apply if I have bad credit?

Businesses with a range of credit histories may still be eligible for financing. Even if you’ve previously had difficulties making all of your payments on time, finding out if you qualify for a loan is straightforward.

It could be challenging to obtain regular financing if your credit is poor. There are, however, a variety of financing solutions accessible, so you can still acquire the funding you require to expand your business. Even with a poor credit history, your company can still benefit from the alternative finance lenders we have available.

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Frequently Asked Questions

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An Accountancy Practice Loan is a type of specialised loan tailored to meet the specific needs of an accountancy business. It can be used for various purposes, such as purchasing another practice, recruiting new staff, updating software, or even improving office space.

Similar to any other business loan, once the Accountancy Practice Loan is approved, the lender offers a lump sum to the borrower. This sum is repaid along with interest over an agreed term.

Any accountancy firm or accountant in need of extra finance to expand, enhance their services, or manage their cash flow can apply for an Accountancy Practice Loan, provided that they meet the lender’s eligibility criteria.

The amount can vary greatly based on several factors, including your credit score, business history, and the specific needs of your practice. It’s best to discuss your needs with potential lenders to get an accurate figure.

The application process and approval time may vary from lender to lender. Online lenders typically tend to offer faster approval and disbursement times compared to traditional banks.

The interest rates on Accountancy Practice Loans may vary significantly depending on the lender, your credit score, business history, and the loan amount and term. It’s crucial to compare different lenders’ offers to ensure you secure the best possible rate.

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Eligibility is generally determined by factors such as your creditworthiness, your practice’s financial health, its track record, and its future projections.

You can typically use an Accountancy Practice Loan for a wide variety of purposes, such as expansion, purchasing new software, hiring staff, or managing daily operating costs. Overall, it should be used for purposes that will enhance the growth and development of your practice.

Repayments are usually made in regular instalments over an agreed term, consisting of a portion of the initial loan amount and accrued interest.

Whether you can repay your loan early or not depends on your loan agreement’s terms. Some lenders may allow or even encourage early repayment, while others may charge for this service. Ensure you understand these terms before applying.

If you’re unable to meet your repayment obligations, it could lead to late payment fees, damage to your credit rating, and even legal action. If you find yourself struggling to make repayments, it’s recommended to contact your lender as soon as possible.

If you’re looking to grow, invest in, or maintain the operation of your accounting practice, an Accountancy Practice Loan could be an excellent solution. However, it’s always essential to fully consider your ability to repay before taking on any debt.

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