Are Accountants are facing as many opportunities as threats?

In today's competitive market, you would not blame Accountants for worrying about the issues that are affecting their business.

In a recent survey conducted by Cater Allen Bank, Accountants were asked to state the three most important issues making an impact on their business. The three most commonly cited external factors were the adoption of the euro, a possible recession and the foot and mouth crisis.

Additionally, all the changes which are currently taking place within the industry, including the changes to audit exemption thresholds and the introduction of the N2 legislation, are also having a sizeable impact on accountancy firms, whether large or small.

However, in order to combat these threats accountancy firms need to take advantage of all the opportunities that are equally available to them. And to ensure the long term viability of their firm, many Accountants have realised that "added value" services hold the key.

"Added value" services hold the key

That is to say, in order for an accountant to stay ahead of the competition it is not necessarily a question of reducing fees but adding value or additional services to those they already provide to their clients.

It may be somewhat unusual to suggest that an accountant should look to a bank for assistance in adding value to their service offering, but this is one simple way in which they can improve their current business.

By enlisting the help of a Professional Adviser friendly bank, Accountants can offer their clients tailored banking services and at the same time protect their business from cross-selling and even offset commission paid against their clients fees.

Cater Allen Bank is one such friendly bank. It has worked closely with Accountants for many years and has developed specialist accounts and services enabling them to offer bank accounts best suited to both the Accountants and each individual client's particular needs.

Accounts offering high interest and personal service

All Cater Allen accounts offer a combination of attractive facilities; a Gold Visa deferred debit card, low or no banking charges, highly competitive interest rates, no charges on cash withdrawal from ATMs worldwide and currency facilities, for individuals and businesses alike. We also offer the more usual banking services such as direct debits and standing orders, regular statements, cheque books - although we conduct no lending.

Although quality of service is often taken for granted we believe that the personal service available with Cater Allen is unusual among banks. Clients speak to a small number of people therefore building up a personal relationship with them.

Accounts for individuals, businesses, charities……

Two of the most popular services with the Accountants that we work with are the Cash Management Account and the Corporate High Interest Cheque Account.

The Cash Management Account combines a range of current and deposit services in one account, maintaining access and paying a consistently high level of interest. Designed for both individuals and businesses it can be a rewarding and accessible home for cash funds including those of trusts and clubs.

Cater Allen's Corporate High Interest Cheque Account gives businesses that maintain credit balances the opportunity to bank for free whilst also enjoying competitive rates of interest. An account which offers the same benefits plus consolidated reporting has also been designed especially for charities - the Charities' High Interest Cheque Account.

As well as providing deposit banking services for individuals and businesses, Cater Allen also has a number of specialist accounts for pension funds, computer contractors and insolvency practitioners. It is also worthy of note that Cater Allen provide specialist accounts for Solicitors which have created a lot of interest from Accountants who work closely with Solicitors.

Increase your corporate profile

At the same time as "adding value", you could increase your corporate profile and profitability by branding the Cater Allen Bank services you offer your clients with your own company name and logo.

Branded banking has received a tremendous response since its launch in January 2001 and Cater Allen has produced a guide to explain how it works.

So, why don't you take this opportunity and phone Cater Allen's Professional Adviser Hotline for further information on 0500 009 462 or email info@caterallen.co.uk. Also, visit the Cater Allen website at www.caterallen.co.uk and register for a password to access to our specially designed area for Accountants.

 

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