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Safety in numbers: 5 reasons an accountant should align themselves with a currency broker...


1. Advances in online facilities mean that you can now login to work with a nominated currency broker across a number of different financial verticals, for instance creating reports, confirming orders and capital flows, and rates of exchange as well as receiving eyes-on access to your clients' activity - which can, on the invitation and authorisation of your client, extend to the actual execution of transactions.

​​Without an online system accountants can or could only rely on verbal or manual updates and reports from their brokers. More often than not a business would rely solely on their accountants advice as to whether a broker was the right business to use to conduct foreign currency payments...and, in instances where an accountant might not have a preferred broker, the client might simply use their bank, to their significant cost.

Our system(s) enables one user to book a transaction and for that action to be escalated up the corporate chain to be sanctioned by a more senior party. This, in itself, means that work can be done within a defined workflow protocol without inconvenience to the parties involved and ensuring a customer's reliance on their accountant's guidance is not undermined.

2. By referring a broker you know, like and trust you are enabling your client to provide you with consistently formatted information relating to their international payments and foreign exchange activities. By referring someone like Prime Cap you are helping yourself as well as your client.

One of the most off-putting aspects of actively recommending a support business like Prime Cap is the potential for our systems and formats to be at odds with the formats, practises and preferences of our partners and the way they recommend their clients to record and report.

By harmonising our online solutions and enhancing the detail and complexity of our reporting and recording templates we provide you, as your customer's accountant, with more of the important information, clearly shown and easily understood.

3. In precisely the same way that you might be relied on to provide insight on strategy and the suitability of certain partners and service providers who offer lending/borrowing and capital raising or investment, foreign exchange and the expertise of a broker are services and tools that are only beneficial to your client.

We fit in nicely as part of the 'portfolio of service providers' offered up by a number of our peers in the professional and private client business services space.


We do offer a profit share arrangement to certain strategic partners, but, as a business that is driven by offering the lowest margins to our customers, we make no apologies for the fact that any profit share is secondary to the value we are committed to giving customers in the first instance.

4.

Your client could improve their foreign currency bottom line by as much as 4% on rates of exchange alone.

Simply by us improving the rate of exchange, your customer is reducing what they need to pay to buy stock priced in a foreign currency.

Likewise, for clients you have who are earning or selling to foreign clients, we can assist them in realising the most GBP possible for the foreign currency revenue they might have accumulated.

By referring a business like Prime Cap you are ensuring your client gets more than just your expertise. They get a driven and committed service provider experienced in overseeing a strategic approach to FX.

5.

International payroll costs can be reduced not just for you but also for your client.

Many payroll services focus purely on sending a GBP amount to the right person on the right date and taking into account the appropriate amount of tax.

What happens if the employee is/lives overseas?

If you are tasked with getting their salary to them, but, their account is overseas and therefore denominated in another currency, the recipient is disadvantaged by the arbitrary rate that will be applied by the receiving bank.

First off, a firm like Prime Cap may be able to offer lower international transfer costs than those of your bank.

An example of this being: a client of ours who pays overseas free-lancers. He pays them a fixed sterling sum, so, the currency exposure is carried by the recipient; however, the client uses us to send the sterling sum precisely because the cost of doing so through us is over 50% cheaper than through their bank.

The employees/free-lancers in question are welcome to become clients of Prime Cap in their own right and thereby manage and handle the foreign currency amount they receive, but, that personal arrangement has little to do with our client's accountant.

We invite Independent or smaller practitioners to call us to see how what we can do can improve the efficiency of their own currency activities and those of their clients. For larger practises, working with a currency broker should not be seen as threat to customer service. If you choose wisely, you are only strengthening your position and serving the interests of your client. We are available on 0203 172 8193.

#Accountant #Accountancy #foreignexchange #currencyexchange #currencypayments #payments

Prime Cap Payments Limited (T/A Prime Cap | Prime Cap Payments | Prime Cap Global Payments) is registered in England and Wales No: 10755730. Registered address: 27 Old Gloucester Street, London, WC1N 3AXPrime Cap is partnered with, and a programme manager of, Ebury Partners UK Limited who provide Prime Cap's FX and payment services.  Ebury Partners UK Limited is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Financial Services Register No. 900797) and is registered in England and Wales (registered no. 7088713). Registered office: 3rd floor, 100 Victoria Street, Cardinal Place, London, SW1E 5JL.  Ebury Partners UK Ltd is registered with the ICO with registration numnber ZA345828.