A firm of Yorkshire accountants is throwing a half-a-million-pound lifeline to businesses struggling with the effects of the Coronavirus lockdown.
Ilkley and Leeds based Northern Accountants, which serves small and medium-sized companies all over the county and beyond, has already pledged £250,000 to help stabilise cash flows – and is on track to double this amount.
The unprecedented step by the team involves offering four new online tools to customers and waiving the cost of subscriptions, set-up and training. The platforms, all bolt-ons to the accounting software Xero, are:
· Stripe, which widens payment options for a company’s customers, reducing barriers that cause late or non-payment
· Receipt Bank, that helps businesses collate invoices and expenses quickly and efficiently, freeing up time for urgent or priority matters
· Chaser, which automatically follows up outstanding invoices
· Float, a tool to accurately forecast future cash position of a business.
Phil Ellerby, founder and chief executive officer of Northern Accountants, which also has bases in Doncaster and Hull, said: “We are committed to helping our clients through this time of uncertainty – and in many cases, reduced revenues.