A Good Accountant is a Great Asset
Working in the present economic environment is very difficult for most companies which is why a good accountant is always a very valuable asset to have and in the present economic climate it is even more important.
As well as the normal issues that businesses have to deal with including cash flow, new proposals and relationships with banks, companies have now to deal with a down turn in business. This can be very difficult and it is something that most businesses have not dealt with over the last 15 years. For most companies new issues are arising for example dealing with the revenue, late tax payments and debt collection. These new activities can distract the business from what it should be focusing on which is dealing with a downturn in business.
A good accountant will take away a lot of the pain associated with dealing with the revenue. Also a good accountant would give you advice on how you should tackle the downturn within your own company. Answering questions like how am I going to handle the redundancies, what new skill sets should I train for, how to relocate staff and many more questions like these.
Accountants themselves have to change to adapt to the new economic environment. This is really important so that they can hold onto their clients and also gain new ones. As word of mouth is the best way to advertise your business, word would really spread rapidly about you if you are the accountant that will deal with revenue in an efficient manner to enable a company to focus on the day-to-day running of their business.
Providing this service for companies is new to accountants as over the last 15 years they have been dealing with issues like how to grow your business, what staff to hire and how to restructure in times of growth. Also dealing with issues like what to do with surplus cash, do I put into a pension fund, do I invest in property? These are no longer the burning issues that companies have to deal with. Accountants need to be proactive and need to meet problems head-on and also need to be available to talk to their clients.
In a lot of cases accountants will be blamed for the poor performance of past investments based on their advice given to clients. Accountants will have to work with their clients on a go forward basis no matter what the performance of previous investments. Accountants who work with clients even when tensions are high have a better chance of maintaining their current client base. For the customer, changing one's accountant is a huge decision and not one that's taken lightly. This means that the accountant has every opportunity to hold on to their clients even in difficult times like this.
In 2009 most businesses are facing into a downturn. Because of this most businesses are facing a shortfall in their cash projections and are running into trouble meeting all their obligations. Because the situation is so dire, revenue will work with businesses to try to come to a resolution that would keep both sides happy. Accountants have a key role to play in this relationship.
Questions and Answers
Positive cash flow is critical to making money online. It is the lifeblood of any company, on or off-line, and is the key to making real long term money online. Without positive cash flow, an online business or an off line company can't pay its payroll, invest in marketing, and most importantly line the owner's pockets with cash.
I was on the phone last week with a colleague when the conversation turned to cash flow. He moderates a roundtable of retail clients who had expressed concerns about cash flow, and asked me for a few questions that he could give them to gauge where they stood.
How how to maxmize your business's profit cash flow
Summary: One should not confuse between the terms "basis of accounting" and "system of bookkeeping" Basis of accounting" refers to the set of concepts and rules that determine when a transaction is known by the accounting system and recorded in the books. Accrual accounting and cash accounting are examples of basis of accounting while a "double-entry system" refers to a type of book-keeping system where for every business deal two aspects are recorded in books of accounts
Good accountants and bookkeepers want you to learn the lingo. They want to help you make the bling, baby! So, read and learn. Keep this glossary handy as you work with your professional money managers. Use it to begin your journey to financial literacy!
In this article the author discusses the records you company should be keeping after you have registered your new company.Following your company registration there are a number of obligations and filings to Companies House that you are required to complete.
In this article the author discusses the requirements for year end accountants of private limited companies.Year end accountantsare usually required to prepare annual accounts for private limited companiesat the end of each financial year.
If you are finding it hard to sort out your tax returns, it may be time you hired an accountant to help you out with them. Here are a few ways that an accountant can turn out to be an excellent investment.
First of all, let us consider the financial impact of employing a virtual accountant. Organizations can get the same quality of work done by outsourcing with lesser costs attached.
There are various benefits when you choose Accounts Receivable Factoring for funding your business requirements. With credible receivables, you can receive cash immediately to meet your business needs with receivables factoring.
In business, finding the ideal location for your business premises is often one of the main factors contributing to the success or failure of your new venture. You must find the ideal premises from where to launch and do business from. I have known entrepreneurs to go bankrupt even though their business idea was brilliant purely because they setup in the wrong location.
In Dragons Den, entrepreneurs get a chance to pitch their idea to five “Dragons”. The “Dragons” are already successful business people that are looking to invest their funds in return for a share of the business and future profits. In the UK, the programme is shown on the BBC and presented by an economist - Evan Davies. I like the way he introduces the show and his chats with the entrepreneurs after their meeting with the Dragons are very entertaining.
Have you considered starting your own internet retail business? Whether you have an existing shop working on the high street or are just considering working from home, online retail stores can often prove to be hugely successful, with much fewer overheads. However, if this idea does sound appealing it must be approached with caution.
York is a city that is recognised for its rich heritage, city walls and strong links with the Roman Empire who ran their government from here. The face or York changed in 1839 with the introduction of the railway which later became the headquarters for the entire North Eastern Railway, providing thousands of jobs for local residents. In recent years, tourism has become a huge industry due to the city's powerful history.
Discuss this Article
