25/02/2008
Finance is extremely popular with UK professional practices today according to a survey conducted by Syscap, the UK’s leading independent finance provider to the professions. The company’s annual survey reveals that 83 percent of practices responding currently use, or have used, payment-over-time options as a way of acquiring high-value goods or funding large bills or debts.

The survey also reveals that finance would be considered for many areas of practice procurement. Whilst at 81 percent, IT is by far the most popular potential use of finance amongst those surveyed, it would also be commonly used for: equipment (46 percent), professional insurance (44 percent), vehicles (36 percent), tax bills (32 percent), telephony (29 percent) and partner buy in/buy out (22 percent) (multiple answers were allowed). As well as showing that finance is valued as a way to drive business growth by a variety of means, these figures also suggest that IT is a growing priority for professional practices.

Other findings included:
• Opinion amongst professionals was divided over whether the credit crunch would affect spending in 2008, with 36 percent saying it would, 38 percent saying it wouldn’t and 27 percent unsure
• Budget decisions in practices are mostly made early in the calendar year - January (26 percent), April (23 percent) and March (17 percent)

In addition, the results highlighted the fact that Syscap is helping to raise the professional reputation of finance, with 100 percent of professional clients responding to the survey stating they were either ‘satisfied’, ‘very satisfied’ or ‘extremely satisfied’ with Syscap’s customer service.

“With so many practices now saying they use, or have used, finance, it’s clear that the reputation of finance solutions is high and the market is buoyant,” comments Philip White, CEO at Syscap. “And the fact that finance is so commonly used for IT is interesting, signifying that practices have moved on a great deal and that technology has become fundamental to professional practices of all types.

“We are of course delighted to hear that all our clients are happy – and many more than happy – with the service we provide,” he adds. “We believe this is because we offer more than generic finance; we offer specialist advice and solutions, tailored to all professions such as from accountancy to law, medicine to dentistry.”

Syscap’s annual industry survey is part of its ongoing research and business development programme. It is designed to identify emerging trends and opportunities, provide a useful insight into the current use of IT finance among both reseller and end-user organisations and gauge customer attitudes towards Syscap so it can continue evolving and improving its products and services.