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Helping your Clients out of Recession
www.ifa.org.uk
Richard SimmsManaging Director, FA Simms
12.40 - 13.20
0845 200 8271www.fasimms.com
HELPING YOUR CLIENTS OUT OF RECESSION
29 APRIL 2014BY
Richard Simms FCA
0845 200 8271www.fasimms.com
PRESENTATION OVERVIEW (1)
• Compliance v Consultancy• Customer Service• Non-bank funding• Marketing
0845 200 8271www.fasimms.com
PRESENTATION OVERVIEW (2)
• Management accounts• Cash flow indicators• Solvent liquidations
0845 200 8271www.fasimms.com
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
0845 200 8271www.fasimms.com
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
0845 200 8271www.fasimms.com
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
0845 200 8271www.fasimms.com
Non-Bank Funding (1)
• Growth in non-bank funding• Alternative sources of finance• Peer to peer lending• Grants and Start Up funds
0845 200 8271www.fasimms.com
Non-Bank Funding (2)
• Always seek security if re-investing personally
• Last minute protection is too late!
0845 200 8271www.fasimms.com
Marketing (1)
• Increase in competition from both old and new businesses
• Find clients unique selling point (USP)
• Extend reach into new markets
0845 200 8271www.fasimms.com
Marketing (2)
• Regular market sector & competitor analysis
• Always need to stay ahead of the competition
• Can any of your clients help each other?
0845 200 8271www.fasimms.com
Management Accounts
• How many of accountants currently do management accounts?
• Is there benefit to management accounts?
• Is the pricing different to annual accounts?
0845 200 8271www.fasimms.com
Benefits of Management Accounts
• Keep a closer eye on the cash flow
• Spot any issues early• Create a closer relationship with
clients
0845 200 8271www.fasimms.com
Cash flow indicators
• There is an inherent lag between an underlying problem and evidence of it showing up in cash flow
0845 200 8271www.fasimms.com
Cash flow indicators
• Drawing dividends v drawing a salary
• Year end review of director’s loan account position
0845 200 8271www.fasimms.com
Cash flow indicators
• Directors/shareholders constantly propping up the company personally
0845 200 8271www.fasimms.com
Cash flow indicators
• 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
0845 200 8271www.fasimms.com
Cash flow indicators
• Constant reliance on the company’s overdraft
• Need for funding for growth
0845 200 8271www.fasimms.com
Cash flow indicators
• Dealing with an employee dispute/tribunal
0845 200 8271www.fasimms.com
Cash flow indicators-What you can do
• May need to think for your client• Be pro-active• Stay informed
0845 200 8271www.fasimms.com
Members’ Voluntary Liquidation
• Can be straightforward• Tax advantages• HMRC clearance• Fast distribution
0845 200 8271www.fasimms.com
HELPING YOUR CLIENTS OUT OF RECESSION
29 APRIL 2014BY
Richard F Simms FCA
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