New name and fresh brand for

New name and fresh brand for accountancy firm Westcotts

This year marks a turning point for one of the largest independent firms of chartered accountants and business advisers in the South West. ‘Profile’ looks at the change of name and brand identity for Chamber patron Westcotts…

“It’s been a really exciting time for us,” says Shona Godefroy, Managing Partner of Westcotts Chartered Accountants and Business Advisers.

“The journey began back in 2020 and has involved a lot of hard work. It needed to be done properly, and we’re delighted with the way that it’s worked out,” she adds.

In September 2022, the Devon & Plymouth Chamber patron launched its new name and brand identity – formerly known as Thomas Westcott, the firm became ‘Westcotts.’

Shona explains, “We are a well-established firm, proud of our history, looking after some of the region’s most dynamic businesses and individuals, both large and small. We wanted our brand to reflect the firm we are today, a firm that is forward-thinking, continuing to invest in our team and embracing new technology. Our brand needed to also represent our core values, our culture, and our progressive approach.”

Westcotts is a UK top 50 firm of Chartered Accountants and Business Advisers, with 17 offices across Devon and Somerset. The firm employs 280 team members, including 34 partners and 12 directors.

“We are one firm, but our geographical reach works really well for us,” Shona says. “We have evolved over the years; we’ve expanded our office network and we offer more specialisms and new services than ever before.”

Westcotts prides itself on having dedicated specialist teams with specific focuses which include tourism and leisure, manufacturing, charities and not for profit, professional practices, SME market, landed estates, technology, education, and a full agricultural consultancy service.

Shona says, “Whilst we have a core team who look after our clients on a day-to-day basis, we also have experienced specialists who are there to help our clients whenever needed. There are some really sector-specific areas of accountancy and business advice and it’s important to have people with a wealth of knowledge who know what they are talking about.”

In addition to our sector specialists Westcotts also offer a full range of services and expertise including all aspects of accountancy, audit, tax compliance and planning, digital services, corporate finance, payroll bureau, probate, financial planning and business recovery and insolvency advice. “We’re here for anything you need, any financial advice, we are a full-service firm, and our clients turn to us to help support whatever challenges they are facing, individually or with their business.

“We have a fantastic team at Westcotts, a team of hundreds of experienced and talented team members with a wide range of knowledge and specialisms, on hand to provide clear, calm, and expert advice in a very personal way. Our brand now reflects who we are.”

For more information about Westcotts, visit www.westcotts.uk

MAINTAINING GOOD CASH FLOW

Maintaining good cash flow is key to business success, as Westcotts’ Partner Mandy French explains…

Cash flow is the amount of money coming into and out of your business. Positive cash flow is when you have more coming in than leaving and negative cash flow is the opposite. Cash flow is your current position and it’s important to check you can cover your costs.

Monitor your cash flow – Keep an eye on your money. Cash flow constantly changes so prepare to adapt your approach where necessary.

Prepare a forecast – look ahead and think about what you are going to need for your business. Identify when to expect money in and when to pay out. Model your forecast and work out your worst-case scenario. Have you got enough?

Improve processes and chase up debtors – Do you need to tighten your payment terms? Good communication with your suppliers, customers, lenders, and investors is important. Set up payment plans with suppliers. Stay on top of invoicing. Maybe ask for deposits or part-payment prior to starting work on a large project.

Cut unnecessary costs – Reduce spending if you can. Examine your expenses to see if you can make cost-savings. Cut back on utilities or subscriptions, get the best deal on insurance policies, and renegotiate terms for loans or financial agreements. Don’t replace equipment unnecessarily and lease instead of buying. Don’t hold too much stock - only what you can sell. Generate cash by selling assets you don’t need.

Reduce tax payments on account – if you are expecting lower profits for the current year compared to the previous year, you should discuss this with your accountant who can then make a claim to reduce your payments on account to HMRC.

Otherwise, you could look at using HMRC’s ‘Time to pay’ arrangement to defer the payment of any imminent tax liabilities – PAYE, income tax, VAT, or corporation tax. The number to contact HMRC is 0300 200 3822.

Westcotts is a UK Top 50 Chartered Accountant and Business Adviser, with more offices in the South West than any other firm. Email mandy.french@westcotts.uk or call 01884 256688.