My conversations with accountants are rarely the same. As a senior account manager for online business lender Spotcap I travel across the UK meeting practitioners of all sizes and focus areas. One day it can be a small practice specialising in corporate finance in Leeds, the next a large firm in London offering auditing, tax related advice and assurance services.
We have conversations about their business, what they are trying to achieve and what they see as their greatest opportunities and barriers.
Is there ever a common theme? Regardless of size, location or focus they all talk to me about the importance of client-service. They see it as the foundation of their success.
How does alternative finance fit into the picture?
How does alternative finance fit into the picture? Here are some comments I’ve had from accountants in recent meetings: “Alternative finance offers our clients an opportunity to access finance more quickly.” “Alternative finance enables us to better respond to business opportunities.” “Alternative finance offers clients a quick solution but there is a need to educate them to consider the idea.”
Many of them are already working with a few alternative finance providers. Interestingly, these practitioners often mention how surprised they are by the minimal effort involved in sourcing finance themselves. They are keen to share that, in the long run, it enables them to free up time to improve their client service.
I also meet a lot of accountants that still only source finance working with a broker or bank. Common push backs I hear of why they aren’t working with alternative lenders include “how do I know its secure?” and “I don’t have the time or resource.”
Compliance and security
Explaining that we have 500 partners globally—among them, BDO and KPMG, accountancy firms with the highest standards when it comes to compliance and security, often helps. When it comes to the second point, “I don’t have the time”, I usually find their concerns are alleviated, once we walk through the resource investment required.
It only takes a few minutes to sign up and join our partner community. Around 15 minutes to upload and submit a case. There is also a dedicated account manager who is ready to provide support, should there be any snags along the way.
Another common push-back that I am hearing is “I have everything I need. Why would I work with an alternative lender?” In response to that I often say: “That is an interesting perspective to have, given that the general consensus is that accountants need to reinvent themselves and provide higher-quality differentiated services.”
Perhaps working with an alternative lender is something to consider after all?
Spotcap are on Accountex stand 1040.
Juliette Peyraud, will be speaking at Accountex on Alternative Finance: current opportunities and how it can help your clients succeed in the Financial Directors Forum 5pm-5.45pm on 23 May.