Financials & Advisers

Have Another Meeting with Your Accountant
It’s time to have another meeting to get your Accountant to put everything under the microscope. Make sure you have prepared that big list of questions again covering everything that’s still puzzling you. Get all the family involved if necessary. Even the kids and the dog may have relevant queries. Do not miss anything out. Do not miss anything out.

Do not miss anything out ! !

Have a big list and get your money’s worth for once. Your Accountant will not mind answering your queries at all. Make sure your feasibility figures and profit and cash budgets are all fully checked. This is most important.

  • Make a huge list of all unanswered questions that you may still have and get them answered by your Accountant. Involve spouse and everyone. Make a big list. You have no excuse after this.

  • Have a 2nd Meeting with your Accountant (check all areas especially research, financial and feasibility, projected profit statement)

Accountant Needs to Review
It’s now time for your Accountant to review. He or she needs to go through what you have done since you last met. That is, a review needs to be conducted of your progress to date. The main area that needs to be addressed is your conclusion as to feasibility.

A full review is also required of your set-up and operations costs as well as the amounts and sources of funding you are seeking. Ask your Accountant to look at your research conclusions and get all your final questions answered as per the list you should have drafted for the Accountant’s attention.

Don’t Wait Until it’s Too Late for Rescue
Too many business owners wait until their business is in trouble before they call their accountant. It is similar to how people treat their doctors; they don’t like to visit the doctor unless they are really ill. Wouldn’t it be far better to see your doctor when things are starting to look grim so preventative measures can be put in place? It’s the same in your business.

You need to see your accountant early - not just when you have made some big mistakes or when your business has become really “sick”, but when you had sensed you needed a bit of advice or when your business was starting to run into difficulty.

If your accountant is given the time to look at your situation early enough problems can usually be avoided. Problems cost you a lot of money as well as many unnecessary heartaches. Many accountancy firms are happy to take on a larger role when advising clients about issues involved in their business but they cannot do so unless the business owner requests help.

Accountants can put in strategies for feasibility research, cash planning, computer consulting, marketing strategies, personal and family financial structuring and business forecasting. Your accountant can help you with your business if you get in touch early. Don’t wait until it’s too late to help.

See Your Lawyer
You should always see your lawyer early before problems arise to ensure that your rights are protected. The longer you allow a situation to continue without resolution, the costlier it will be to fix and the more distressing it will be to you and the other party.

If a situation arises and you feel it is something your lawyer should look at before you make a decision – contact them promptly. They will be able to see whether it is a matter lawyers need to be involved in and if they cannot help you, refer you to someone who can.

The good thing about having a lawyer is that they are independent. They may see things from a totally different point of view and offer suggestions and advice that will resolve issues without having to go to court. The bottom line is that you should always see your lawyer first – earlier rather than later.