Financial Control and Direction

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Offset of Redundancy Rebate against Outstanding Taxes PDF Print E-mail
Monday, 02 May 2011 11:17

The Redundancy Payments section are currently processing employer rebate claims received in August / September 2010, indicating an eight to nine month impact on cashflow for businesses. Your business can apply to have the rebate offset against outstanding tax liabiliites, including VAT, PAYE and Corporation Tax, resulting in a cashflow benefit to you.

 If you would like some further information on this topic please contact me.

 

 
Chartered Accountants Ireland members form Interim Managers Network PDF Print E-mail
Sunday, 17 April 2011 19:58

Reproduced from Business Matters issued by Chartered Accountants Ireland

A group of experienced members formed the Interim Managers (IM) Network in January 2011 to address, in a very practical way, the issues facing many members and businesses lacking adequate financial expertise or expert help in facing a particular challenge.

This self-run panel of approximately 30 Interim Managers offers their services to clients, either in corporates or practices, agreeing their requirements and specific deliverables for an assignment.

Interim Managers undertake assignments in person and are normally available to commence at short notice. They work directly with the client and become part of the management/board team. They are instrumental in seeing through the implementation of the changes they propose. Their performance and remuneration is measured in terms of deliverables, and their assignments may be carried out on a full time or part time basis. Interim Management is not consultancy nor is it a substitute for the valuable work of practicing firms.

The Interim Managers group comprises members in business who have previously worked as finance managers and in other disciplines in a variety of industries, both at home and abroad. They bring a wide range of practical business skills and subject matter expertise ranging through business planning, IT, corporate governance and business turnaround.

The Network seeks to provide a new resource pool to support state agencies, financial institutions, trade associations and business owners in rebuilding the indigenous economy. It provides mutual support and referrals for its members.

website details:- http://cainterimmanagers.weebly.com



 
Credit Control is part of Customer Service PDF Print E-mail
Tuesday, 12 April 2011 21:29

Customer Service is important  - no question. But where does it end? For the production people, it may be when the product is in the warehouse. The sales people may believe its when the order is received. For the logistics people its when the product or service is delivered. For the finance people though its when the cash is collected - the end of the cycle.

Many organisations see cash collection and credit control as a seperate function isolated from the core activities of a business but really it should be viewed as an integral part of the customer service cycle.

Consider invoicing from the perspective of the customer though.

  • Getting the details on an invoice right first time means a quicker process time by the customer
  • Providing your customer's product codes on an invoice means a quicker process time by the customer. (Many accounting systems can facilitate this with a small amount of configuration)
  • A reminder of the payment terms on the invoice prioritises your invoice in the eyes of your customer
  • Providing your bank details on the invoice helps your customer to process the payment.

Helping your customer to process your invoices is an important part of customer service  - it also helps to eliminate the excuses as to why an invoice cannot be paid!

 

 

 
Do you TRUST your financial information? PDF Print E-mail
Wednesday, 30 March 2011 13:01

Many organisations take their financial information for granted. This often surprises me because in my experience relatively junior employees are regularly tasked with performing key responsibilities such as bank reconciliations and debtor close off which if not done correctly can have a signficant impact on results for the period. Consider the following headings in relation to your financial information.

Timely. Are your management reports produced within an agreed timeframe each month or quarter? Information goes out of date very quickly and to be useful and relevant it should be available within a very short timeframe in order to help in future decision making.

Reliable. Most business owners have a gut feeling about how they their business is performing. Do your financial reports support this? Can you drill into the information available to ensure its correct?

Understandable. Accountants love technical terminology but business owners should insist on getting information that is understandable to them and in a format that makes sense to their business.

Summarised. Quality rather than quantity applies to financial reporting. You should be able to see at a glance how your business and, if relevant, key divisions are performing.  Accountants are there to do the reporting for you. Don't fall into the trap of digging through the detail to get the answers you need.

Technology. Technological advances mean that information can be circulated very quickly, however don't assume that just because the information can be produced at the push of a button it is always right. All financial reports are only as reliable as the data that they are based on and the ability of accounts staff to interpret that data.

In summary you should only TRUST your financial reports if you are happy with the points made above.

 

 
Great time to start a business PDF Print E-mail
Sunday, 20 March 2011 14:08

With the recession in Ireland keeping prices down it has it up-sides. That is most of the items needed for starting a new business can be got a at a cheaper cost. Office rent is low, shop units rent is down, print costs are reduced, the minimum wage was recently reduced.

With lower costs out there and the knowlegde that we can provide in helping you start a new business, Financial Control & Direction can guide you on the right path in business. We've learnt many rules in business over the years and this knowlegde can help your new business start.

So contact us to help start your business.

 


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