According to Syscap, Firms will soon have credit lines available for the first time since the global economy went into meltdown last year.

After the collapse of Landsbanki subsidiary Key Business Finance in October last year, Firms have been finding it difficult to secure finance and Syscap has now secured new lines of funding worth up to £50m for firms.

Syscap say that the new funding lines will come as a big relief for accountancy firms who on July 31 will have to pay their semi-annual tax payment.

Mark Gidge of Syscap said: ‘Many perfectly credit-worthy accountancy firms are facing huge cash flow problems as their clients slowdown payments to improve their own cash position.’

‘The July tax deadline always creates a surge in demand for funding from accountancy firms but the requirements this year are far higher than normal.’

One of the upsides for Bookkeepers during this time, is that more and more small firms are coming to Bookkeepers as a cheaper option. When most Accountants charge upwards of £100 an hour to finalise the accounts, a Bookkeeper can cost as little as £15 per hour to do most of the work, saving you money.

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