At EQ we work with a great diversity of clients, including a significant number of professional practitioners.
Our EQ Professions team provide a dedicated service to the sector and have an extensive array of experience and expertise in advising professional clients from sole practitioners to large corporate entities.
Our current portfolio of clients includes the following:
A significant proportion of these businesses operate as Partnerships, both traditional format and Limited Liability Partnerships (LLP). In more recent years a number of practices have been incorporated as limited companies for a combination of operational, taxation and finance reasons. EQ Professions appreciate that the appropriate structure solution is not a ‘one size fits all’ scenario and that the optimum solution for one professional practice may not be appropriate for another practice. We can guide practices through the decision making process, looking at the various pros and cons of individual structures so that the business owners can make an informed choice to serve the needs of the practice at the current time and longer term.
Irrespective of the operating structure, professional practices still tend to retain many of the characteristics of a traditional partnership and many of the inherent problems, inefficiencies and challenges that this provides. We can support such practices to alleviate these difficulties and bring both immediate and long term value into the business.
EQ Professions have a proven track record in Practice Management and dealing with the many challenges which arise in managing a diverse group of “owners”. Our expertise enables us to work with clients, assisting the management team in tackling difficult issues, and often providing a mentoring service for the Managing Partner or Managing Director. In our experience the challenges faced by in house Managing Partners, including their ability to sufficiently detach themselves from both client related activities and internal personal relationships, make it difficult to maintain strategic vision and focus on driving the practice forward. A Managing Partner’s role can be unenviable, and at times a lonely existence. That’s where we can help.
In brief, we can deliver guidance on:
On a regular basis we support professional clients through a series of routine services, including audit, accounting, payroll and taxation. We apply imaginative and effective planning to minimise tax liabilities and assist cashflow management.
We can also provide support to clients of professional practices and often work hand in hand with solicitors or other professionals in the provision of the following:
For us, what distinguishes them from many accountants is the pro-active approach they provide us with in terms of advising us how to manage our own business efficiently and also planning our growth, whilst minimising our tax liabilities
Managing Director, Balmoral Asset Management Ltd
EQ have provided Thorntons with outstanding advice over the past few years, particularly in relation to some areas of crucial importance to our business – both in terms of our medium and long-term strategic planning and through various merger and takeover considerations. They have also assisted us in structuring various internal accounting and business planning strategies.
In our experience, they deliver value for money outwith the normal adviser/client relationship and I would recommend their team to anyone.”
Joint Managing Partner, Thorntons Law LLP
EQ’s expertise and advice was invaluable throughout the lengthy process leading up to the sale of our business. They were always on hand to offer support and their understanding of the very specific requirements of our industry really was most impressive. We also appreciated the friendly, down to earth approach which helped ease what would usually have been an extremely stressful process. It is no exaggeration to say that we would never have got over the line without them.
Chief Executive, Your Conveyancer Limited
EQ helped us from the start of the business last year and provided us with so much sound advice and help in getting us to where we are today. As a financial services business we have additional reporting requirements and they have been a wonderful support.
We’ve developed a great working relationship with the staff and they are all highly experienced, knowledgeable and friendly.
Director, Contego Life Limited
I have used the services of both EQ and Amber for a number of years now. They are very professional but approachable and always willing to listen and provide valuable advice when needed.
AMCA Creative Limited
In the past many professional firms have favoured the traditional method of splitting profits equally between partners regardless of performance. However, this model can become a point of contention when partners do not feel this reflects individual effort and achievement.
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The 2018 financial benchmarking survey has now been launched. The survey is managed and conducted by independent researchers, Tribal on behalf of The Law Society of Scotland and is an invaluable tool to allow law firms of all sizes to assess their financial performance relative to their peers.
All cashroom partners should have received an email from Tribal inviting them to take part in the online ... more
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