IT and professional services finance firm Syscap has secured exclusive approval from the Institute of Chartered Accountants in England and Wales (ICAEW) to provide specialist finance to its members.
The finance products available to members will range from short-term cash flow facilities for payments of tax or VAT to finance deals for IT infrastructure.
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The agreement is similar to one that Syscap agreed with the Law Society in early 2012, which the company claims led directly to Syscap’s profits climbing 40% by the end of that year.
Syscap already provides £10m (11.7m) in asset finance to accountancy firms, and this extension is designed to help slow the decline in accounting firm numbers.
Sharron Gunn, executive director of commercial at ICAEW said: "The accountancy profession has faced a definite squeeze since the credit crunch, with firms across the spectrum facing downward pressure on fees from clients and a continued lack of bank lending to smaller accountancy firms in particular."
In coming to an agreement, Syscap and the ICAEW hope that the range of funding options now available to members will benefit them significantly.
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By GlobalDataPhilip White, chief executive of Syscap, said: "The number of accountancy firms has fallen by 35% over the past decade, and financial struggles are the single biggest driver of that fall. We hope that the funding Syscap can provide will be a great addition benefit to those ICAEW members working in practice."
