focus_contributor.
MONEY M AT T E R S
with BARRY HOCKEY A CCO U N TA N T S
HAPPY NEW YEAR TO ALL OUR CLIENTS, FAMILY & FRIENDS.
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and how they operate. Quite often business owners get caught up in the numbers without considering the “big picture”. It can be quite stressful in running a business day to day, which can sometimes lead to adverse health effects on families. Just will see us get back to remember there is business as usual. always help at hand All relevant The festive season and I urge all business has gone quickly, and owners to talk to a business & I hope it treated you professional if you are financial well. It is now time to experiencing financial information is up to reflect on the year that difficulties. Remember date. Have current has gone and focus on a problem shared is a financial statements your plans for the New problem spared. (balance sheet, profit Year. I find that many Are you thinking of & loss statements) people think about selling your business? going back at least 2 their financial situation Best Practice for or 3 years. over the holiday period Preparing your and how they can do Business for Sale. things differently or If you are thinking improve their situation in the year ahead. of selling your business, you need to be As we slowly emerge from COVID, “Buyer Ready”. many business owners and employees are Essential that 3 years’ financials are considering a change of direction or career available in a consistent format: All change, so it is timely to consider selling a relevant business & financial information business or starting a new career. is up to date. Have current financial Accounting is more than numbers statements (balance sheet, profit & loss statements) going back at least 2 or 3 There is a story behind every business e would like to wish all our clients, family & friends a happy New Year & hopefully 2022
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years. Business Valuation: either from a licensed business valuer or from your account based on business appropriate valuation methods. Policies & Procedures: Manuals should be current which demonstrates good management. Staff: The lifeblood of every business. Staff contracts & wage rates need to be current and compliant. Customer database: A valuable asset and include analysis of specific market trends. Engage your Accountant: You can avoid unnecessary legal risks, cost & stress by engaging your accountant and lawyer. Business advisors can add value and are a better option than warranty/insurance claims or litigation. Don’t rely on friends, “mates”, agents or other non-qualified third parties for advice. They do not act for you, do not owe you any fiduciary duty and are not qualified (or insured) to give you proper legal advice. At Barry Hockey Accountants, we have a dedicated team to assist you. Our firm is big enough to get the job done and small enough to care. Personal service and attention to detail is our business.
