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