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Head in the Clouds

Cloud accounting software is now making access to finance faster and simpler for accountants, says Richard Sutton


If you’re an accountant embracing the cloud, you’ve seen how technology saves you time and makes your life easier. Through a web of connected financial services the cloud is now also empowering you to advise clients on how to fund growth and manage cash flow.

Here at iwoca, our mission is to fuel economic growth by giving small businesses the funding they need to buy stock, manage cash flow and make investments. We work with accountants across the country on this mission because business owners turn to accountants for trusted and impartial advice on managing their finance.

The truth is that the shift to cloud accounting is already disruptive for many traditional accountancy services. However, this disruption opens up new opportunities and forward-thinking accountants are taking advantage of efficiency gains from cloud accounting software to offer new advisory services.

At the heart of the new advisory services is an ecosystem of third-party services that ‘plug in’ to a business’s accounting software and use their data to provide the business with a tailored and seamless service.

With one click, you can link your cloud accounting data, enabling iwoca to make a decision faster and removing the need to upload any additional documents to support the application. Decisions are made within hours, sometimes instantly, and you can then draw down the funds at a time of your choice.

For example, recently iwoca helped a hotel owner in East Sussex who needed a short-term loan to pay a VAT bill. The bank was not able to extend their overdraft, so their accountant referred them to iwoca. Integrating their cloud accounting software enabled us to feed their data into our risk model and we approved them for £50,000 the following day.

Benefits of using iwoca

  • Eliminate paperwork: the fully online process means no more hours preparing documents, such as cashflow forecasts, as clients link online accounts, such as Xero, FreeAgent, or upload electronic documents.
  • Save time: our market-leading technology analyses your client’s business data instantaneously, enabling us to give you a credit decision within hours.
  • Keep control: our portal for accountants lets you manage an application on behalf of your client.
  • Zero risk: as there are no fees and only a ‘soft’ credit search at offer stage, clients can get approved for a facility at no cost and with no obligation.

More and more accountants are advising clients on access to finance, so we’re delighted to be offering the tools to make this easier. The result? Every accountant can help their clients get the financing they need, when they need it most.

  • Richard Sutton is Head of Accountancy Relationships, iwoca. Contact accountants@iwoca.co.uk or call 020 3778 0324

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