Financing the practice
Like all businesses, professional practices need working capital, especially as their principal costs are usually the wages and salaries bills. There are a variety of ways to do this. The simplest is to leave a portion of profits within the practice; the preferred route of many organisations. However, it may not be the best procedure or the most tax-efficient. When we advise on these matters, we pay careful attention to the culture of the practice. Our proposals will both provide the best financial guidance and also reflect the underlying traditions of the partnership.