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Collaborating with Finance Professionals: Strategies for Success

Discover effective strategies for working with finance professionals, including accountants, banks, insurance brokers, and healthcare advisors. Whether you need routine accountancy, financial controls, tax advice, or insights into corporate finance and payroll, understanding your specific needs and plans is vital. Learn the importance of proactive communication, maintaining a support network, and choosing the right professionals for your business. This guide emphasizes collaboration and transparency to help you navigate financial decisions confidently and successfully.

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Collaborating with Finance Professionals: Strategies for Success

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  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!

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