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Submitted by: Naz Daud
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.
About the Author: Naz Daud – CityLocal Dublin North
Dublin Business DirectoryDublin Businesses
Source:
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