Accountancy firm set for 40% revenue rise

Sheffield-based Gravitate Accounting is set to achieve a 40% revenue rise in its fourth year of operation, during which it supported more clients with major transactions including scale-ups, buyouts and equity raises.

The firm, which offers outsourced financial director services, Xero cloud software and digital accounting services, was established in July 2019.

Its senior management team, Sam Newton, Mike Crocker, Jessica Swaithe, Charlotte Firth and Jonathan Carr are set to report revenue for the financial year ending July 2023 – from £624,000 to £872,000. This follows on from a successful previous three years of trading. In July 2022, the firm reported a 71% revenue increase when compared to the previous year.

Gravitate Accounting now employs 15 people and has more than 155 clients. The team work with a range of organisations – from start-ups to businesses with revenues up to £45m.

Newton said: “During the last year, we’ve expanded our team further to respond to the demand we’re seeing for professional accountancy services. Business owners have been taking stock of the economic climate and looking to make solid financial decisions which will stand the test of time. As a result, we’ve seen an increase in clients looking at major funding options and ownership decisions.

“Businesses are always navigating change and this last year has been one of continual updates with regards to tax, interest rates and much more. We’re here to support our clients with day-to-day advice, alongside planning and forecasting, so that they can be prepared for all eventualities.”