Professional Practice Finance
We know that professional service industries face unique challenges when it comes to funding. That is why we work with you and your team, in order find out what type of business loans will best suit the needs for your profession or practice so that they can thrive long-term!
Perhaps you are expanding rapidly and need more staff and space? Or maybe you are merging with another accounting firm?
Accounting Practice Loans and Funding Your Practice
This is the most critical decision you will make when starting your own business. It's important to have a plan in place that allows for both financial security and life balance, but also gives room enough so as not limit future opportunities or success stories by holding back on what could be accomplished with more time/energy devoted towards work-related activities outside of practicing law fulltime while maintaining quality relationships at home
If you are an accounting service looking for a small business loan you have come to the right place.
At Cockatoo our business loans are perfect for tax agents professional services business in the accounting industry.
One of the most recession proof businesses is in the financial services sector are accounting firms and tax brokers if you are looking to borrow money to grow your accounting firm during the downturn then cockatoo can help.
Regardless of whether you are in Establishment accounting practice or are looking to purchase a new accounting firm you must be able to show evidence of existing monthly turnover, a clear credit score for any owners or stakeholders of the business, a current ABN and be an Australian citizenship or permanent residency.
You will also need to provide some form of evidence of this cash flow this could come in the form of bank statements profit and loss statements or existing property used the security.
Accounting Firm Growth
You will need to show evidence of a consistent growth path as an accounting firm this could include new or referred customers over the lifetime of the businesses existence positive signs of growth are negative Chan rates of existing customers positive growth and on boarding of new customers and increase in total lifetime value of any existing customers within your accounting firm.
Accounting Business Customer Book Size
Has he grown scale your accounting firm you will have an ever increasing book size book size is the total amount of funds overseen by your accounting practice and is one measure of success of an accounting firm.
Accounting Customer Composition
When your application is being assessed for small business loan or line of credit it is important that you have a rich and diverse client composition across your portfolio how is your portfolio broken up?
You might have a high concentration of small to medium business owners be focused on PAYG or high net worth individuals that have specialised financial needs understanding this composition of customers is important when applying for a loan as it may impact the type of products available to you.
Profitability Of Your Accounting Practice
As an accountant you will know better than anyone that the proof is in the profit what do we mean by this well it's one thing to have many many billable hours that can be sent to a customer it's another thing to have up cells cross cells down cells and a total understanding of profitability across your profit and loss statement.
How much can I borrow?
How much you can borrow as an accountant will have a lot to do with the profitability of your business it will also have a reliance on the ability for you to provide securitisation of the loan such as property either commercial or residential.
How to get a loan to buy an accounting practice
The simplest way to get a loan as an accounting practice is to simply apply online how handy form takes less than seven minutes to complete and allows you to compare the best lenders in Australia's non-bank and bank lending space.
Banking for accounting businesses
Will you likely have specialised business banking for your accounting business having access to a term loan or a line of credit from an additional funding source such as a non-bank lender is an important part of your arsenal.
We pride ourselves on our relationship with our non-bank lenders to provide expert advice for banking needs related to the accounting industry we ensure that it is a simplified and tailored lending process and we make sure that we offer no-nonsense day-to-day banking for a busy accounting firms.
The Business Lending Specialists at Cockatoo are committed to helping you find the best financing option for your needs. We will work with you closely through every step of our online application process so that we can get started on funding as soon as possible!
Cockatoo offers a wide range and variety in business loans, from $5k-$150K total debt capacity with terms up 3 months or less depending upon applicants' requests.