Accountants: What To Do
With A Client Heading For Financial Trouble

 

Sometimes, the news is Not Good...

As an accountant, tax advisors or bookkeeper, you are often the first person the client turns to for help when they find they have a financial problem.  In fact you may well be the first one to spot the warning signs and then have to tackle the job of letting your client know the bad news.

This, as you would hope, is something you won't come across often. Which is great - except that when you do, you might not be as familiar with all the options as you (and your client) would like. And, equally important, the conversation will have a very different tone to the usual 'here's what we need to do to minimise your tax bill'.

It's a difficult conversation to have, for both you and your client.

So, when the news for your client is bad, we have two ways we can help:

First, fill in the form at the top of the page and in the next couple of minutes you'll receive by email a copy of our ebook 'How to Have a Difficult Conversation With Your Client'.

Second, of course, please call us on 01825 746652. We can help you to understand the options and help you continue to give your client an excellent quality of service: insolvency issues happily aren't something you deal with every day. For us, though, it's our business and we will be there to support you and your client through the process.

 

And sometimes the news IS Good!

Alternatively, you may have a client who is looking to extract their wealth from their business in the most tax efficient manner - usually for one of three reasons:

  • Retirement...
  • Selling the business...
  • Director in dispute and want to move their company in different directions...

 In these cases, a Solvent Liquidation can often be the most tax-efficient way of proceeding. To find out more, take a look at our Special Feature on Solvent Liquidation.

At Solvency Solutions we are always happy to offer a free face-to-face or phone meeting with your and your client to address any issues you are uncertain about, to help you help find and implement the solution that is best for your client.  Alternatively we are happy to answer general questions or give clarification on specific issues if we think we can help.

So please call us on 01444 848766.

 

Accountants:

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Top Tips for Accountants

  • Consider how you class directors’ drawings in accounts: illegal dividends and overdrawn bank accounts can be reclaimed in an insolvency.
  • Maintain a close relationship with your client so you are the first point of contact if there is any crisis.
  • Review changes in accounts figures with prior year and discuss the future. Is there a downward trend?
  • Use your common sense. If your client is in a fast moving service or product line are they keeping up with changes?
  • Develop links with other professionals. Know who to ask and where to turn if you or your client needs advice.
  • Know your limitations. Call in the experts if your client needs help you can’t provide.
Got questions?
Call 01444 848766...
WHAT WE DO...

Company Solvent Liquidations
A simple strike-off may not be the most tax-efficient - or even the safest - way to release a client's equity for a company. Find out here how you can have access to our specialist Company Solvent Liquidations experience.

Company Insolvent Liquidations
There can be significant implications for your client in deciding whether or not they should cease trading due to debt or cash flow issues. Don’t risk giving them the wrong advice — discover more here...

Personal Financial Distress
For a client in financial distress, the experience can be terrifying and humiliating. With experienced, professional and sympathetic support, however, there is always a light at the end of the tunnel. Find out here how we can help you help your clients through their darkest hour.
HOW TO FIND OUT MORE...

Contact Us
If you have a client whose case you would like to discuss, or if you are facing financial difficulties yourself and need to talk to someone in confidence, then please do get in contact:

Phone: 01444 848766

Email: help@solvencysolutions.co.uk

Or you can find our address, a map and an enquiry form on our Contact Us page.

Financial problems, whether business or personal, can seem like the end of the road and can be a source of great distress. Rest assured that there is always a way ahead, and we will always listen with an open mind and a non-judgmental ear.

We of course treat all discussions with the utmost discretion.
Solvency Solutions is a trading name of Solvency Solutions (South East) LLP (formerly Armida Business Recovery LLP).
Fiona Monson is licensed as an insolvency practitioner by the Institute of Chartered Accountants in England and Wales