Don’t get bogged down with bookkeeping. Keep it simple — and accurate — by establishing a procedure and following that procedure each time you send out a bill or collect a payment. It sounds simple but it amazes me how many Directors of small businesses fail to do this.

Follow these steps to streamline and increase the accuracy of your bookkeeping system:

1. Design an invoice and keep the template handy. Make spaces to fill in amounts due from clients, job descriptions, hourly rates, outstanding balances and other information. When you send an invoice to a customer, keep at least one hardcopy for your records.

2. Set up a special checking or money market account that will be used for business purposes only. When checks come in as payment, deposit them into this account. This will allow you to simply and accurately reconcile at the end of each quarterly and at year-end. Note: When depositing checks, record in your checkbook the customer’s name and check number. This will help you if discrepancies arise in the accounts.

Use this account whenever you make a business purchase. Avoid at all costs writing personal checks from the account. Make sure that you make a note describing the business purchase. If you do make a non-business purchase from the account, make note of it so you won’t be confused at tax time. Fringe benefits tax may apply and need to be accounted for.

3. If you take credit card payments, set up a special checking account for this activity as well. Designate that all credit card payments are paid into this account and that your monthly fees automatically be deducted from this account.

4. If you take out business loans or establish business lines of credit, set up a special account into which the bank can deposit these funds. It’s generally best not to use these accounts for normal business purposes. Your records will be clearer if you transfer funds from these accounts into your business checking account (as described in Point 2 above). This will allow you to more accurately keep records of business purchases. If, however, you will be using the borrowed funds to make only one or two purchases (such as buying a large piece of equipment), you can write the check from that account.

Special note: When you transfer funds from this account into your regular business checking account, be sure to make a note in your business account check ledger that the deposit is NOT BUSINESS INCOME and is accounted for as a liability. Note the source of the deposit, the check number and the date of the deposit. This will keep your records accurate at tax time.

5. Keep a savings account or a money market account that is used exclusively for collecting and storing money for your taxes (i.e., for your quarterly estimated payments). Checks for this account should be written from your business checking account, written with your name on the check and designated in your business checking account as “To ATO account” or “To tax account.” Ideally, you should determine the appropriate percentage to take out of each deposit into your business checking account, and write a check for that amount to your ATO account.

6. To back up your records and to ensure greatest accuracy, keep a separate log that details each business check you write. Items to include in the log: name of company or individual to which the check is written, details of the transaction or purchase, check amount, check number, check date and any other items of information that will help jog your memory of the exact purpose of the check.

7. Also, you can keep a log detailing information contained in your invoices. Items to include: customer name, date of invoice, terms of invoice, details of work performed, etc. When invoices are paid, make a note on the invoice itself and in your invoice log.

8. Hire a good bookkeeper, the directors time is much better spent driving sales and managing the business rather than entering invoices into MYOB, Meet with your bookkeeper once a month o ensure everything has been correctly. From as little as 300-500 per month the time saved in doing bookwork can be repaid many times over by driving sales.

Following these simple guidelines will streamline and systematise bookkeeping for your business. They will help clarify your records, both for keeping track of individual payments and for tax purposes. When your business requires a more complicated bookkeeping system, try to keep the variations simple and repeatable. Being systematic is the key to headache-free bookkeeping.

Quest Corporate Services has many bookkeepers we can recommend to provide these hassle free services for your business, as well as many ongoing corporate advice and finance solutions. To take advantage of these services call us right away on 1300 311 411

Lucas McEntee is the Managing Director of Quest Corporate Services, a corporate advisory firm that assists small to medium business and offers services in such areas as cash flow, short term loans, asset protection, accounting, legal and debtor finance solutions.

What are the warning signs of a small business, many owners of both large and small businesses become so busy extending their customer base and projecting a positive image into the market that it is easily overlooked, the tell tale warning signs of business disaster.

These crucial warnings signs can provide an overview of where the business is heading, either towards being wound up or business success. According to the Australian Securities and Investment Commissions 2006 statistical figures, over 12,000 companies had Administrators or Liquidators appointed to oversee their financial affairs.

Some of the warning signs are:

* Tax and Workers Comp not paid
* Suppliers not extending credit and having to pay COD
* Entering into payment arrangements to pay debts.
* Legal action from creditors
* Increased aged creditors
* Exceeding overdraft limit
* Rent in arrears
* Lease payments for vehicles are late
* Bookkeeping not up to date

The disappointing thing is about these businesses is that the writing was on the wall and no action was taken. If contacted early enough , solutions for these problems can be provided by contacting Quest Corporate Services. We offer a free, no obligation consultation to small businesses, to take advantage of this please call 1300 311 411 right away or email info@questcorp.com.au

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Lucas McEntee
Managing Director
Quest Corporate Services
P: 1300 311 411
F: 1300 113 114
Imcentee@questcorp.com.au
www.questcorp.com.au

Looking for some sky-high options for your money? Why not put your money into the Mercorella investment scheme, offering 36 per cent per year? You could even get up to 72 per cent if you sign up your friends and acquaintances.

Alternatively, you could split a cool $35 million with a Dr Paul Mbizala who’s got his hands on money belonging to investors in a US managed fund.

Once you’ve made your packet, you could fly out of Australia on a cheap flight overseas bought from New Flights Limited. Except the company is a fake, is not registered with ASIC, and buys the tickets with stolen credit cards.

These outrageous offers are all fakes that won’t come true. That’s why they’re the top nominations for the ASIC ‘Pie In The Sky’ award for 2007.

‘ASIC announces the Pie In The Sky award once a year for the most outrageous financial scheme that’s too good to be true’, ASIC’s Executive Director of Consumer Protection, Mr Greg Tanzer said.

‘Pie in the sky financial schemes still devastate far too many people. They frequently use sophisticated props and hard sell techniques that lure even financially experienced people’, Mr Tanzer said.

‘The serious purpose behind these awards is to warn the public that get rich quick schemes promise the world, but usually end in tears.’

The ASIC 2007 Pie in the Sky Award goes to the Ponzi scheme operated by Guiseppe Mercorella that offered people between three and six per cent per month. Mr Mercorella’s illegal scheme received $216.9 million from investors who ultimately lost $76 million. Mr Mercorella is now serving a five year jail term on ASIC charges.

Many of the investors were from South Australia, and many from the local Italian community who became aware of the scheme through family and friends. This is typical of how many people become involved in ‘Ponzi’ schemes. Some investors mortgaged their homes to invest with Mr Mercorella.

‘Always deal with licensed Australian financial providers, because that way your rights are better protected if something goes wrong.’

‘You can check ASIC’s consumer website, FIDO for free at www.fido.gov.au to make sure a scheme is operated by a licensed business’, Mr Tanzer said.

2007 ‘Pie In The Sky’ runners-up

Pie In The Sky scheme

How to get it

A London man has $US34.5 million belonging to a US managed fund and he’s willing split it 50:50 with you. No risk, and the funds can never be traced.

Contact the writer, and he’ll discuss the deal.

A typical ‘advance fee’ fraud. You’ll be asked to pay various ‘handling’ and ‘administration’ fees until your patience or your money runs out.

Get a cheap one-way ticket out of Australia with New Flights Limited.

Email your ticket requirements.

A fake company, not registered with ASIC, uses stolen credit cards. (You can check company details for free on FIDO or through ASIC’s main website.)

‘Anyone can nominate entries for ASIC’s Pie In The Sky Awards, through our consumer website FIDO. We’ll give you $100 prize money for an entry that wins an award’, Mr Tanzer added.

FIDO also has a list of illegal schemes where ASIC has taken action in court, obtained court orders and when those involved were identified in court.

Background - Ponzi schemes

Ponzi schemes are one of the more dangerous scams where the swindler promises investors a very high return on their investment and says it is secure.

Part of the money deposited by investors is then used to pay their first dividend cheque or interest. The victims are happy. They don’t know they’re just getting paid out of their own money. They are encouraged to urge their friends and relatives to invest as well. Soon, there is a steady flow of funds into the scheme, and the number of investors grows.

The swindler can rake off a significant amount of money and still pay the fake ‘dividends’ out of the new money coming in. However, the scheme inevitably collapses because the swindler rakes off more and more money, and eventually the pool of new investors starts to dry up.

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Lucas McEntee is the Managing Director of Quest Corporate Services, a corporate advisory firm that assists small to medium business and offers services in such areas as cash flow, short term loans, asset protection, accounting, legal and debtor finance solutions.

eBusiness (electronic business) is using technology to improve your business processes. This includes managing internal processes such as human resources, financial and administration systems as well as external processes such as sales and marketing, supply of goods and services and customer relationships.

The way in which you manage your business relationships has not changed but the way they are referred to when using eBusiness tools has. They are becoming more often known as:

* Business to business (B2B);
* Business to consumer (B2C) (also known as Ecommerce);
* Government to consumer (G2C); and
* Government to business (G2B).

Activities using eBusiness tools include:

* Trading of goods or services online, such as eProcurement, primarily through Web sites;
* Electronic retailing (eTailing);
* Use of the Internet, Intranets or Extranets to conduct research and manage business activities;
* Web site marketing;
* Online communications, such as eMail; and
* Online training for staff (eLearning).

eBusiness tools include:

* Mobile phones;
* Personal digital assistants (PDA);
* Electronic Data Interchange;
* File transfer;
* Facsimile;
* Video conferencing, internet, intranets and extranets.

eBusiness and Your Business

eBusiness is more than having a Website for your business. Using eBusiness tools can make your administrative and operational activities more efficient through:

* Accessing the Internet to source information about your industry, suppliers and products and for general research;
* Streamlining your ‘traditionally’ physical transactions into electronic transactions, for example online banking, financial management, stock control and compliance reporting to regulatory bodies such as the Tax office.
* Purchasing and selling without a Web presence by using eMail or eFax;
* Human resources management, through the development of an Intranet for news, policies, staff movements and enabling staff to apply for leave and access their personnel information online;
* Customer relationship management, which integrates front and back office functions of an organisation through electronic capabilities; and
* Using appropriate project management software.

Advantages

The benefits of implementing eBusiness tools is not so much in the use of technology, but in the streamlining of business processes and the ease in finding new markets. Some of the advantages and disadvantages include:

* Quicker and easier communications.
* Strengthened marketing capabilities and reach.
* Increased hours of operation (a Web site provides 24hr 7 day information to existing and potential customers).
* Access to broader information through research.
* Reducing the cost of doing business by lowering transaction costs and increasing efficient methods for payment, such as using online banking and reducing stationery and postage costs.
* The opportunities to adopt new business models and develop tailored customer support.

Quest Web services can assist you with ebusiness solutions. Please call 1300 311 411 to speak with one of our Corporate Executives.

Debtor Finance is a financing product that allows you to maximise your cash flow through borrowing against the outstanding value of your trade debtors. This product is suitable for businesses experiencing rapid growth that sell goods or services on credit terms but have restricted liquidity.

You get cash quickly, and usually don’t have to collect the debt. It is a great way to tap into a source of capital rather than wait 60-90 days to receive it. Costs of factoring vary per circumstances.

You can use factoring to:

1. Get money quickly
2. Avoid the hassle of collecting bad debt
3. Smooth your cash flow
4. Borrow money, secured by your debtors

Anyone involved in business has at one time or another had the unfortunate experience of dealing with bad debts. Occurring when a customer/client defaults on payment for your product or service, bad debts quickly become an important issue regarding financial management. In many cases, it may require legal action or the threat of legal action to be paid and in the cases where the amount is particularly high or otherwise convoluted, a solicitor or professional debt collect should be consulted as soon as possible.

One of the best ways to avoid bad debts is to implement a credit policy for both new and old customers/clients. You may consider adding the following elements to your credit policy.

• Insist they submit a formal application for credit, providing at least 3 references — 2 from other business and 1 from a financial institution.
• Authorize you to perform a formal credit check.
• Obtain a personal guarantee from the Director of the company.
• Do your due diligence and perform a business name check to ensure the accuracy and validity of the business registration and ownership.
• Insist on a personal guarantee from the Director of the company.
• Perform a business name search to ensure the accuracy and validity of the registration and ownership details.
• Identify any security held by the person liable for any credit or debt.
• In a case where the customer/client has bad credit, insist they provide a financial stable guarantor.

Credit Policy Suggestions for Existing Customers

• Implement a system to readily highlight any customers/clients that have overdue accounts or who have exceeded their credit limit.
• Follow a reminder system of making a phone call, sending a letter indicating an end to their credit any action if the debt is not paid, a more formal letter outlining legal action and finally a visit in person to the customer/client.
• Without exception, ensure that all customers/clients sign a written agreement.
• Insert a clause to ensure that customer/client does not receive ownership until payment has been made in full.
• In the instance where the work is lengthy or ongoing, request a deposit or part payment.

• You constantly hear about payment being sent, without any physical evidence.
• Customer/client becomes increasingly difficult to contact.
• Customer client offers numerous excuses as to why they are unable to pay.
• Customer/client offers a percentage of the total amount.
• Customer/client sends a check that bounces.

The most important aspect of an bad debt situation is to take effective and prompt action. The longer the situation draws out, the less likely you are to be paid. By following your reminder system to identify, then contact the customer/client using the appropriate means for the time, you are more likely to have a favourable outcome.

Don’t forget if the amount is less than $10,000, then you can use the small claims court. This system is designed with self-representation in mind and a speedy resolution to such matters.

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Lucas McEntee is the Managing Director of Quest Corporate Services, a corporate advisory firm that assists small to medium business and offers services in such areas as cash flow, short term loans, asset protection, accounting, legal and debtor finance solutions.

A business plan is vital to the survival of your business — regardless of whether it is new or established.

What is a Business Plan?

In it’s most basic form, a business plan is simply a detailed summary of what it is your business does. Things like your management, staff, marketing, finances and info about your potential customers are all included along with your strategies and possible outcomes for each. It is a great way to identify the strengths and weaknesses of your business, the possible outcomes for success and the key factors you will need to address in order for it to be a success.

Why do a Business Plan?

There is an old adage — “by failing to prepare, you are preparing to fail.” One of the reasons why so many businesses fail, is because they don’t have a business plan. In some cases, a business plan would have shown the intended business was not viable in the first place and in all cases, a business plan provides a great resource for monitoring the growth and performance of the business once it is up and running.

A business plan lets you play devil’s advocate and run through negative as well as positive scenarios. You will be able to identify the key areas that may otherwise have been overlooked and anything else that may have been overlooked. Even if your business plan shows the business is not viable, you will be able to see exactly why and make any changes or consider a different business concept.

Perhaps one of the most important aspects of having a business plan concerns financing. If you approach a lender with a detailed outline of your business, its strengths and weaknesses, and why you require the funding, you are well on the way to securing those funds. Your business plan will also serve as a complete proposal, acceptable to the most stringent lenders.

If you aren’t yet convinced about the need for a business plan, consider this. “Statistics show that the top 25% of successful businesses are twice as likely to have a business plan in place.”*

* Source: Australian Society of Certified Practising Accountants, 1999

Just as in everything else in life we keep score, a business plan will help you do this and to remind you of the areas you need to focus on that are vital to your success.

How do I write a Business Plan?

There are a number of great resources, including business.gov.au, which provides templates. Preparation of the business plan is the most important task for you and the manner by which you go about it will determine and test your commitment and motivation to the business in the first place.

Your business plan should include detailed information on the following:

• your industry
• your product or service
• the way you intend to market your product or service
• the production process
• personnel — both now and future projections
• financial details including expenses, projected costs, etc
• management strategies
• business development strategies
• the main reason the business exists
• the location and detailed information about the area
• the structure of the business
• any perceived strengths, i.e no competition
• any perceived weaknesses, i.e very competitive market
• any untapped opportunities for the business
• any threats to the business including climate, seasonal nature
• resume of the key people running the business

The best part is a business plan is a never ending concept. As your business grows or when any major event occurs, it is an opportunity to go back and re-evaluate. Some things may have changed such as the location, number of employees or your plans for expansion and all of these things will have an impact on your business. Will you be ready?

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Lucas McEntee is the Managing Director of Quest Corporate Services, a corporate advisory firm that assists small to medium business and offers services in such areas as cash flow, short term loans, asset protection, accounting, legal and debtor finance solutions.

What is a budget? A practical means of telling the money where to go, rather than simply wondering where it went. Surely, there are many people, in business and otherwise, who have found themselves wondering where the money went. And perhaps they were wondering this because they spent it without having a specific spending plan in mind.

Just about every business–including many of the smallest, even one-person businesses–needs some kind of spending plan or some means of looking in advance at the money that must go out relative to the money projected to come in. That, in essence, defines a budget: a projection of both income and expenses for a coming period of time.

Why use a budget? In a practical sense, this question is answered in the opening statement above. There are, however, additional reasons for using a budget. Someone who seeks a business loan or other financing for business purposes, debtor finance for example is usually expected to produce a business plan, which invariably includes information concerning projected income and expenses. No business venture should ever proceed without planning, and a budget is the financial plan for conducting business in the near future.

An operating budget consists of three parts:

1. The statistical budget, which is the best available projection of business activity for the coming year (units or pieces to be produced, contracts to be secured, estimated business activity, etc.).

2. The expense budget, which consists of all anticipated costs of operating the business and conducting the projected level of business.

3. The revenue budget, which is a projection of estimated income for the coming year.

A capital budget accounts for potential expenditures for major fixed equipment and major movable equipment (copy machines, computers, plant and equipment etc.).

A cash budget is usually prepared last in the budgeting process and consists of estimates of the business’ cash needs for the year, as compared with projections of the cash receipts for the year.

The need for serious consideration of the cash budget is, itself, sufficient reason to justify the budgeting process and the work it involves. The pattern of cash-in versus cash-out is extremely important to any business because of the need to always remain financially solvent in the short run. It does no good to appear rich on paper–to own numerous physical assets or be owed significant amounts of money, for example–if you do not have sufficient cash in the bank to pay today’s and the short term futures bills. Many an enterprise that appeared solvent on paper has failed because of its inability to meet current cash obligations. At the very least, a cash shortage can trigger short-term borrowing, a short term loan can at times be the only solution.

Some principles and practical rules of budgeting for the small business are:

• Every item of expense in the business must be under someone’s direct control.
• Managers responsible for complying with an expense budget must participate in preparing the budget.
• No one should be held responsible for expenditures over which he or she has no control.
• Unused funds budgeted for expenses may not be carried over from one year’s budget to the next.
• Unused capital-budget funds may not be transferred into operating expenses or vice versa.
• All individual expenditures must be approved by the appropriate levels of responsibility.

A breakdown of the expenses charged to a department or activity, such as salaries, benefits, supplies, travel, postage and such, is essential. In other words, you must keep track of how much money is going into each category of expense, as well as how much you are spending in total.

A budget cannot be adequately prepared during the final week or two before the new budget period begins. In the majority of cases, the most accurate indicators of future costs are past costs adjusted for whatever is known about the coming period, such as changes in business activity and expected price increases and the like. This suggests that you should collect information used in preparing the budget, especially information concerning expenses, several months ahead of time.

No one knows for sure what the future–even the very near future–will bring, but an intelligently prepared budget can minimize the likelihood of finding yourself wondering where the money went, and enable to the director of the business enough time to source alternate funds, such as short term business loans, factoring facilities loan term business loans.

Lastly, obtaining assistance from a corporate advisory firm to review and provide guidance on budgeting issues is a great place to start.

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Lucas McEntee is the Managing Director of Quest Corporate Services, a corporate advisory firm that assists small to medium business and offers services in such areas as cash flow, short term loans, asset protection, accounting, legal and debtor finance solutions.

You have $6,000 in cash. That’s the good news. The bad news? About $16,000 in payroll, quarterly BAS, creditor payments and bank interest payments are due tomorrow. You’re already behind on the basic’s like the phone bill.

When you’re running your business on a shoestring budget, you may find yourself operating in two cycles: one of elation or one of despair. Sure, all it takes is a few late-payers to slow down your business, but it doesn’t have to crush your spirit.

Remember, you’re a small business. You’ve made it this far by relying more on your wit rather than a bank balance. You can press through this difficult situation. First, take a deep breath and gather your resolve. Second, begin to put your persuasive and creative energies to work so you can survive the drought. Here’s how.

Get Your Priorities In Order
Half the battle is knowing who must absolutely be paid first. Focus on legal and credit obligations. As an employer, you should always meet payroll. And then there’s the ATO, which requires that you make timely payroll deposits and frowns on non-compliance. Thinking about missing your quarterly tax payments? Don’t. If your estimates don’t balance out in the end, you’ll be penalised, and catching up on missed payments can be difficult.

A bad credit history can stifle your business. Think twice about not paying at least the minimum on credit cards, bank equity lines, insurance premiums, and car or equipment leases, These are double-whammy creditors: they quickly report your delinquencies to the credit companies such as Baycorp, and they can be heavy-handed–stopping your service or coverage and even repossessing their goods.

Build Up Your Credibility
Before you pick up the phone to sound the horn, determine whether your cash crunch is short- or long-term–is the check coming in three weeks or three months? You don’t want to make your vendors more nervous than they should be. Alerting everyone as soon as you’re in trouble may hurt you more than it should. Your vendors may start spreading the word that you’re having problems.

You’ll need some credibility to burn when times get tough, though. A rule of thumb: If your money is delayed for two months or longer, call your vendors to explain the situation. Stay in good stead by paying earlier or according to terms in cash rich months and averaging 45-day payments in the other months. Whenever a vendor calls about a past-due bill, set a date he can meet and always mail the check by then, establishing himself as a person of his word.

Appoint a Corporate Advisor
By appointing a corporate advisor they have available a number of different tools that can asset your business. They also deal in this type of situation on a daily basis so they will have a lot more experience in how to handle the cash flow issues your business is suffering. Some of the products they offer are Business loans, Equity Loans, Short Term business loans, Debtor finance or otherwise known as factoring and inventory finance.

Finally, always tend to the business of collecting your money from others. Standard operating procedure:

• Collect project deposits and progress payments.
• Submit invoice and back up in the right form and to the proper company representative, so there’s no delay in processing your payment.
• Make sure you and your clients understand (and agree on) the payment terms.
• Follow up with a payment call the first day after an invoice is due.
• Never agree to any financial arrangements that you cannot afford to honour or underwrite.

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For more information on how Quest Corporate Services can assist with cash flow issues, call one of our advisors for a free consultation right away on 1300 311 411

Having the right accountant can make all the difference for a small business. The “right” accountant will be:

• Experienced in all areas of small-business finances, short term loans and debtor finance.
• Knowledgeable to some extent in your particular type of business.
• Local to you or at least knowledgeable in all local regulations, taxes, etc.
• Expert in a wide array of investments, both for your company and your personal finances (immediate, long-term and retirement).
• Proactive in making suggestions for business ownership, expense reduction, organisation of in-house bookkeeping, arrangement of payments, payroll GST and CGT, etc.
• Available to act as an overall financial and business advisor, not just a tax preparer.

The following can help you locate a good accountant and start building a working relationship from the start.

1. Ask for recommendations from successful individuals you trust. By far, the best chance to locate a good accountant is from a recommendation by someone you know and respect (business owners, bankers, insurance agents, your business’ trade association, etc.). If you ask five or six people for a recommendation, you may find one or two accountants mentioned several times. Clearly, these would go to the top of your list. Try to put together a list of at least three to five accountants.

If you do not wish to ask others for recommendations, make note of advertisements in local newspapers and magazines. It’s more difficult to find a suitable professional (accountant, insurance agent, attorney) from ads, but you can at least put together an initial list to interview.

2. Before contacting your list, write down exactly what you need in an accountant, using the definitions of the “right” accountant above and all specific needs your company may have. Knowing what your looking for is a vital step.

3. Set up personal meetings with each accountant on your list. Talk with them face-to-face with the goal of determining their experience and knowledge. The first meeting should be, in essence, an interview, using your company’s requirements as the basis for conversation.

4. Ask the size of the accountant’s firm. Will assistants be handling most of your work, or will you be able to interact one-on-one with the accountant?. Ask hourly charges or overall fees for specific services, such as tax preparation, creation of a business plan, etc. The size of the accountant’s firm should feel right to you: not too big, not too small. Some small-business owners like to work with accountants who keep relations mostly formal. Other owners prefer an accountant who is a little more laid back, and who can drop everything at a moment’s notice when called with an important question.

5. Before making your selection, call your top prospects a few times, seeing how quickly your call is returned. You might even call with a specific question or two about taxes, retirement financing or other financial issues pertaining to your business. See how quickly they get back with you and how complete their answers are. See how pleasant they are to work with when answering your questions. Customer service is important, if you feel you are not receiving it from you accountant, look elsewhere.

6. Finally, make a selection and meet with the person to begin going over your complete operation. Think of your first two meetings as a continuation of your search. Remember, you’re looking for a long-term relationship, and it may take you more than just a few meetings to be certain that you’ve found the right person.

You shouldn’t have to have all the creative ideas. Just by going over your company’s financial situation, needs and goals, your new accountant should be able to start arranging and streamlining your financial operations. If this doesn’t happen, or if you aren’t satisfied with the direction the relationship is taking, don’t hang on. Terminate the relationship (taking any valuable ideas that have emerged) and move on to the accountant who was next on your list.

7. Listen to their advice, remember they are the experts in there particular field, it is important to listen to there advice and act upon it. There is no point in obtaining a good accountant if you are not going to follow there recommendations through.

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Lucas McEntee is the Managing Director of Quest Corporate Services, a corporate advisory firm that assists small to medium business and offers services in such areas as cash flow, short term loans, asset protection, accounting, legal and debtor finance solutions.