Generally being a credit controller is a fairly difficult and pressurised work.  Credit control in a recession from what I am hearing is much more difficult.

Speaking to a friend recently who works in a multi-national tells a story for small businesses and how the duties of credit control have changed over the last few months.

It appears that some credit managers have decided that many small businesses are doomed and hence they will have no flexibility in their credit.  My friend is now shutting down accounts of their smaller clients as soon as they reach the 30 day mark – so not one day over.

In the past, to a certain extent, I would have been a fan of this.  Most companies had the money to pay, but would push the credit period to the absolute limit – there would be the usual letters and several phone calls and the eventually they would pay up just as the account was heading onto to hold.

These companies cause are a high cost on any business – but those days have stopped.  30 days and automatic hold and interest added after 7 days – something I would have been a fan of in the past – but today I am not so sure.

However I do lead with my heart and not my wallet sometimes.  This may over time makes all companies more responsible in paying their invoices on time – something that is way over due – like most of their invoices.

Finding a tax adviser can sometimes be a difficult process if you have not had to engage an tax adviser previously.  Many small and new businesses make the mistake of completing their own tax returns in the early years.  Often a Tax adviser can save tax in areas that individuals would not be aware of – this is money well spent.

There are few things more stressful than not having a good grasp on your finances and feeling unable to approach your tax adviser. So its important to get a good one; here are some tips on choosing an tax adviser for your business:

1)   Try and choose a tax adviser before you start your business as they will be able to add value at the early stage.

2)  Don’t accept a bad service from your tax adviser. You deserve better. If you change tax advisers your new tax adviser will deal with the handover so if you are getting bad advice or service then change.

3)   Ensure your tax adviser works with small business clients and has experience in various sectors.

4)   Ask what other services the tax adviser provide – do they provide business advice, can they do accountancy or have they contacts to help grow your business?

5)   Get a fixed fee, paid monthly with unlimited telephone support so you won’t be afraid to call them when you need to them.

6)   Go with your gut feeling, if you don’t think you will be able to get on with the tax adviser after the initial meeting then you probably won’t.

7)   Ask for testimonials. A good tax adviser won’t mind if you talk to other clients.

8)   Make sure your tax adviser keeps in regular contact with your business – not just at year end!  They can hep and advise on capital purchases throughout the year.

9)   Sometimes its best to have an tax adviser who has a smaller practice as they understand what it’s like running a small business also they won’t be tempted to pass your work onto the junior staff.

10)  Make sure your tax adviser is fully qualified, for example as a certified or chartered tax adviser.  Ask them what qualification they hold and check with the qualifying body.

McNamara Associates are Accountants and Tax Consultants based in Dublin.  They offer a full service practice.

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