Taking a slice of the pie

Taking a slice of the pie

So after almost two years and six months, the first two of the government’s long-awaited enterprise capital funds have been launched.

The funds, targeted at filling the so-called ‘funding gap’, have survived
Department of Trade and Industry consultations and EU regulation, and are
finally ready.

They have been a long time coming and one can only hope that during that time
high street accountants have been preparing to take advantage of the ECFs.
Lawyers and small boutiques will be eyeing the new funds, but if accountants are
informed they should be the main advisers to benefit, as they remain first point
of contact for small businesses.

There can be a perception that advisory work for sole practitioners is
limited to audit and tax work, but with the introduction of the ECFs these
accountants have the opportunity to extend their service offering.

The ECFs are so attractive for high street accountants because there will be
little or no competition from the larger accounting firms, who need to work on
much bigger deals to generate a decent return on the sums they pay their staff.
This leaves small accountants free to tap a new revenue stream.

The main focus of the ECF finance will be small business, but that shouldn’t
stop accountants from taking their slice of the action.

Nicholas Neveling is a reporter on Accountancy Age

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource