Working with Finance Professionals

1. Working with Finance Professionals Russell Bowman

2. Working with Finance Professionals • Accountants • Banks • Others • Insurance brokers • Pensions advisors • Healthcare advisors etc

3. Accountants You may not need an audit You may need help / advice

4. Accountants What are your needs / plans? • Routine accountancy • Financial controls / security • Financial advice • Acquisitions / Sales / New ventures

5. Accountants What type of advice do you need? • Audit • Accountancy • Corporate finance • Payroll / HR • Tax • VAT • Financial services

6. Accountants • Generalists or specialists • It’s the person, not the firm • Good to use one firm, but not essential • Consider your own resources

7. Accountants • Audit: Give them what they need, when they need it • Audit: Be robust where needed • Tax: Give them the whole picture • Tax: Speak before acting! • VAT: Benefit of a review • VAT: Beware of schemes • Financial services: They will try to sell! • Financial services: Benchmark against others

8. Banks What are your needs: • Borrowing • Investing • Transactional • Merchant services

9. Banks • Separately or together – shop around • Understand your assets, cash flow, plans • Don’t be intimidated – know your business • Understand their needs and their decision making criteria • Know who makes the decision • Keep them informed – especially in hard times

10. Insurance • Be clear on values and required cover • Shop around - but not too much! • Transparent commission and fees • Duty to disclose

11. Final tips • Be proactive – form a support network • Work with people you like and understand • We are interesting!