Vents MagaZine Music and Entertainment Magazine
Related Articles
Accountants have traditionally been thought of as “business doctors,” while liquidators have been thought of as “emergency surgeons.”
This is evolving. Many accountants prefer to work alongside and collaborate with a liquidator on client problems earlier in the process. This can provide numerous advantages to their clients – as well as to their own firm.
Are you a personal trainer or a doctor?
Instead of a doctor, a better comparison for a modern accountant would be a personal trainer. They support the maintenance of “fit” business owners who are responsible, focused and proactive.
Accounting firms that are thinking ahead are increasingly concentrating their efforts on clients who want to work with them to succeed, even letting go of those who aren’t upholding their end of the bargain.
But what about “problem” clients who, sometimes through no fault of their own, find it difficult to achieve the success they desire? Their issues persist, and they require help.
At that point, partnering with a liquidator can help your clients avoid the mistakes other failing businesses have made and avert company liquidation happening, learn more.
Instead of being emergency surgeons, liquidators are increasingly turning into doctors.
In the distorted world of a liquidator, every client is insolvent or about to become so. They remain calm in stressful situations and see opportunities for clients who have problems that seem insurmountable.
ATO audits, multiple failed ATO agreements, losing a significant client, and divorce-related collateral damage…
or customers who simply bury their heads too long in the sand. These circumstances frequently occur. They engender anxiety and fear, which can result in faulty judgment, carelessness, and even failure.
So, if you want to speak with a liquidator, do it so as soon as possible. You need to know who to contact right away in an emergency.
Here are some of the main reasons for choosing a liquidator right away to help your clients and your own business away from company liquidation.
Nine reasons for choosing a liquidator now
1. Take action earlier and better results.
To consult a liquidator in order to save a client may seem counterintuitive. But it’s the same as visiting a doctor when you first feel ill. An early appointment with a liquidator offers significantly better chances of survival and success than waiting for symptoms to get worse.
Speaking with a liquidator is completely voluntary, can be done in confidence, and is free of charge. The results are better and there are fewer delays when a liquidator is on speed-dial.
2. Handle a crisis better.
Good liquidators are able to take charge, make sense of the situation, and assist directors in making wise decisions when they are thrown into an unknown business.
Good liquidators see days, weeks, or months to try to overcome obstacles, avoid company liquidation and survive where others see inevitable failure.
3. Make the alarm call.
Accountants are masters at buying their clients more time by arranging for what seems like endless ATO payments. However, problematic clients frequently disobey sound advice or are simply too busy to take corrective action to avoid defaulting on the subsequent payment arrangement.
Clients come to the realization that they can’t just keep doing the same thing every day after meeting with a liquidator, learning about their options, and considering the possible outcomes of failure. They must give the implementation of changes top priority.
4. Have the challenging discussions.
Accountants frequently treat their clients like family, so it can be challenging to admit mistakes when things aren’t going well.
Involving a liquidator offers new insight. This can aid you in maintaining your relationship as the “family” accountant at a time when they most need you.
5. Handle “problem clients”.
We’ve all dealt with clients who refuse to take our advice, are disorganized, or both. You give these clients extra assistance, but you frequently aren’t compensated for it. Sometimes you just aren’t the right fit for these clients.
Instead of simply letting them go, a liquidator can assist clients in resolving their issues and, if necessary, place them with a new company that provides the services they require.
6. Be aware of who you are dealing with.
You might not be aware of who your client will be dealing with if you rely on an intermediary, such as a pre-insolvency advisor, to choose the liquidator or administrator on their behalf.
By selecting a liquidator on your own, you can check all the boxes and decide who is best for your clients.
7. Receive sound guidance.
Like any profession, different liquidators employ various strategies. Knowing how your preferred liquidator operates should help you avoid embarrassing situations such as company liquidation for both you and your client.
The potential problems that might arise for your client during liquidation or administration should be covered by your liquidator. If clients are thinking about a turnaround, they should also explain the safe harbor protection options so they can make an educated choice.
8. Present more value.
Nowadays, it seems like accountants are expected to be experts in almost everything. Along with tax, there’s advisory, and you need to know when to spot situations where other professional services might be advantageous to your clients.
Even though you can’t handle every client issue personally, by having connections who can assist with difficulties, you will turn into your clients’ go-to business resource. Why would they go elsewhere if they can get everything they need from you?
As professionals, we add value by excelling in our areas of expertise, being aware of our limitations, and having a resource to turn to when faced with problems we are unable to handle.
9. Retain more clients.
Finding new clients is challenging, especially the ones you want!
Helping a good client through difficult times will not only keep them afloat, but will also turn them into a lifelong client.
Want to work with knowledgeable liquidators to provide better client results and keep more clients?
Get in touch through live chat on our website or give us a call.
