HELPING YOUR CLIENTS OUT OF RECESSION 27 MARCH 2014 BY Richard Simms FCA

0845 200 8271www.fasimms.com

HELPING YOUR CLIENTS OUT OF RECESSION

27 MARCH 2014BY

Richard Simms FCA


PRESENTATION OVERVIEW (1)

•Compliance v Consultancy•Customer Service•Non-bank funding•Marketing


PRESENTATION OVERVIEW (2)

• Management accounts• Cash flow indicators• Solvent liquidations


Compliance v Consultancy

(1)• Accountants are now the people

directors turn to for business advice

• Role of the accountant is adapting to include a consultancy role


Compliance v Consultancy (2)

• Directors are looking for an accountant who has an opinion on their business not just their books

• Creating a closer relationship will benefit both parties


Customer Service

• Not just something for the retail industry

• Take more care of clients leading to better relations

• Turn a small fee into a larger fee


Non-Bank Funding (1)

• Growth in non-bank funding• Alternative sources of finance• Peer to peer lending• Grants and Start Up funds


Non-Bank Funding (2)

• Always seek security if re-investing personally

• Last minute protection is too late!


Marketing (1)

• Increase in competition from both old and new businesses

• Find clients unique selling point (USP)

• Extend reach into new markets


Marketing (2)

• Regular market sector & competitor analysis

• Always need to stay ahead of the competition

• Can any of your clients help each other?


Management Accounts

• How many of accountants currently do management accounts?

• Is there benefit to management accounts?

• Is the pricing different to annual accounts?


Benefits of Management Accounts

• Keep a closer eye on the cash flow

• Spot any issues early• Create a closer relationship with

clients


Cash flow indicators

• There is an inherent lag between an underlying problem and evidence of it showing up in cash flow



• Drawing dividends v drawing a salary

• Year end review of director’s loan account position



• Directors/shareholders constantly propping up the company personally



• Threat of legal action or steps taken by creditors to collect unpaid debts

• We expect businesses to become less patient as the marketplace picks up



• Constant reliance on the company’s overdraft

• Need for funding for growth



• Dealing with an employee dispute/tribunal


Cash flow indicators-What you can do

• May need to think for your client• Be pro-active• Stay informed


Members’ Voluntary Liquidation

• Can be straightforward• Tax advantages• HMRC clearance• Fast distribution


HELPING YOUR CLIENTS OUT OF RECESSION

27 MARCH 2014BY

Richard F Simms FCA

Documents

HELPING YOUR CLIENTS OUT OF RECESSION 27 MARCH 2014 BY Richard Simms FCA