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Helping your Clients out of Recession

12.40 - 13.20 . Helping your Clients out of Recession. Richard Simms Managing Director, FA Simms. www.ifa.org.uk. HELPING YOUR CLIENTS OUT OF RECESSION 29 APRIL 2014 BY Richard Simms FCA. PRESENTATION OVERVIEW (1). Compliance v Consultancy Customer Service Non-bank funding Marketing.

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Helping your Clients out of Recession

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  1. 12.40 - 13.20 Helping your Clients out of Recession • Richard Simms • Managing Director, FA Simms • www.ifa.org.uk

  2. HELPING YOUR CLIENTS OUT OF RECESSION 29 APRIL 2014 BY Richard Simms FCA

  3. PRESENTATIONOVERVIEW (1) • Compliance v Consultancy • Customer Service • Non-bank funding • Marketing

  4. PRESENTATION OVERVIEW (2) Management accounts Cash flow indicators Solvent liquidations

  5. 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

  6. 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

  7. 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

  8. Non-Bank Funding (1) Growth in non-bank funding Alternative sources of finance Peer to peer lending Grants and Start Up funds

  9. Non-Bank Funding (2) Always seek security if re-investing personally Last minute protection is too late!

  10. Marketing (1) • Increase in competition from both old and new businesses • Find clients unique selling point (USP) • Extend reach into new markets

  11. Marketing (2) Regular market sector & competitor analysis Always need to stay ahead of the competition Can any of your clients help each other?

  12. Management Accounts How many of accountants currently do management accounts? Is there benefit to management accounts? Is the pricing different to annual accounts?

  13. Benefits of Management Accounts • Keep a closer eye on the cash flow • Spot any issues early • Create a closer relationship with clients

  14. Cash flow indicators There is an inherent lag between an underlying problem and evidence of it showing up in cash flow

  15. Cash flow indicators • Drawing dividends v drawing a salary • Year end review of director’s loan account position

  16. Cash flow indicators Directors/shareholders constantly propping up the company personally

  17. 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

  18. Cash flow indicators • Constant reliance on the company’s overdraft • Need for funding for growth

  19. Cash flow indicators • Dealing with an employee dispute/tribunal

  20. Cash flow indicators-What you can do • May need to think for your client • Be pro-active • Stay informed

  21. Members’ Voluntary Liquidation Can be straightforward Tax advantages HMRC clearance Fast distribution

  22. HELPING YOUR CLIENTS OUT OF RECESSION 29 APRIL 2014 BY Richard F Simms FCA

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