Ryecroft Glenton, one of the leading independent advisory firms based in the North East, has created six new jobs in the year ending 31 March 2017, growing its workforce to in excess of 100.
Ryecroft Glenton is focusing on expanding its outsourced accounting, tax advisory and corporate finance divisions. New staff joined across its outsourced accountancy, tax advice and corporate finance departments in the last financial year and further recruitment is planned for 2017/18.
The firm is committed to leading the way in delivering digital tax and online accounting services and helping clients take full advantage of rapidly improving business-friendly accountancy software to streamline their financial operations.
Ryecroft Glenton became the first firm of chartered accountants in Newcastle-upon-Tyne to secure ‘Gold Status’ from international cloud accountancy technology provider, Xero and it has also launched its own bespoke online service, ‘OutsourcedFD’.
OutsourcedFD provides a suite of accounting and advisory services, which enable businesses to focus on core functions and allows the firm’s clients online access 24-hours-a-day. This offering has already led to the practice increasing its client base, including an FTSE listed client with more than 80 subsidiary companies, all of which require outsourced accountancy services.
Within its last financial year the firm’s corporate finance division has also delivered strong performance with a number of significant national and regional transactions. Among them were the £17.1m sale of MTrec to Trust Tech Inc, the Management Buy Out of national IT sector recruiter, DP Connect and the sale of supply teacher business, Just Teachers to London-based Private Equity House, Sovereign Capital.
Managing Partner, Chris Robson, commented: “We’ve made significant client gains this year as a result of our new OutsourcedFD service. This trend is gathering momentum as companies start to appreciate the efficiencies they can achieve by delegating financial obligations to a dedicated service provider.
“We’re currently seeking to recruit more staff to meet client demand for this service and will be training them to be experts in leading online accountancy software solutions.
“There have been huge changes in accountancy regulations and tax laws over the firm’s 116-year history. However, we expect changes over the next five years, as a consequence of HMRC’s ‘Making Tax Digital’ initiative, to be the most profound and disruptive yet.
“It’s our job to help our clients navigate the new requirements as smoothly and as simply as possible so they can concentrate on running their businesses without allowing compliance and tax red tape to slow their progress.”
Chris added: “Whereas we’re proud to be a North East-based firm, we’ve always had a substantial number of clients located throughout the UK. Our national reach has increased with the growth of our corporate finance division, which advised on 10 transactions for clients based outside of the North East this year.
“We actively look to bring work to the region by offering corporate finance clients a ‘joined up’ service on M&A transactions, engaging North East based law and other professional services firms to act alongside us.”