Raw 04 - December 2008 - (Page 35)

PAYNE WALKER RAW PAYNE WALKER LTD (SOLE DIRECTOR PAUL STEPHENSON FCA) A PERSONAL AND PROFESSIONAL PROFILE About me I qualified in 1974 and have been in practice ever since. My career path reads, small firm (to qualiquali fying) international firm (learning about auditing and presentational skills) a large independent local, (learning how to manage and be a partner), and to here, effectively a one-man band. On a personal note, I am 58, play badbad minton weekly, and am interested in sport (principally cricket and football), bridge, music, and crosswords. I have two daughters aged 14 and 11 who keep me on my toes. Areas which typically need to be addressed are: • Sales controls – covering the cycle from order to payment. (eg how to ensure that all goods out result in an invoice) • Cash flow projections - whether for the bank manager or simply to assess future availability of funds. • How to save for the tax bill Advice provided in the early days of a client relationship can have long – lasting benefits, apart from passing on knowledge, it also helps establish the relationship itself. When a new client comes to see me one of his (or her) major concerns is usually about the size of the fees. Once it is made clear that it is largely in the client’s hands as to how many noughts there are in the bill, and that about two thirds of my fees come from the accounts preparation, the client is usually only too willing to take on board my suggestions, underlining that the early training will provide skills that the client will retain for life, and show him (or her) how to keep the costs acceptable to the client. It is during these discussions that I seize the opportunity to sell my full range of services, adapted to the client requirements and it does help get the relationship off to a flying start, and ensures that it is not a wait of 18 months before I see the client again. I find that once I can get a client to see that I am not after all the cash in his wallet (or her purse) the relationship can really begin to prosper. About Payne Walker My main work is the preparation of annual accounts, coupled with the tax returns, as well as management accounting, auditing – we are Registered Auditors - bookkeeping, VAT return preparation, and my favourite, new business start – ups (see below). My practice also operates a tax compliance scheme, where, for a small annual fee, in the event of a tax investigation, my fees would be waived. This ensures that in this type of situation, cost constraints are not the main driver in deciding the approach and general tactics. As effectively a sole practitioner, I need contacts to resources should more complex issues arise that need advice. In general terms advice of a technical and complex nature can be provided at a very low cost, since the tax compliance scheme, plus my professional indemnity insurance comes with access to largely free expert advice. As a small business ourselves, we are able to specialise in sole trader and small limited companies in the Melton Mowbray area, as we have a real insight into their trading needs Paul Stephenson Managing Director of Payne Walker, Chartered Accountants New business start – ups I feel that people new to self – employment should always see an accountant as soon as they have made up their minds to follow this path; apart from the mundane issues like bookkeeping, VAT registration and payroll schemes, good solid business advice from an accountant in the following areas can be critical in establishing a sound financial base. Payne Walker 10, High St, Melton Mowbray, Leicestershire, LE13 0TR Call: 01664 562987 millionimpossible.com 35 “ “ http://www.millionimpossible.com

Table of Contents Feed for the Digital Edition of Raw 04 - December 2008

Raw 04 - December 2008 Contents Imran Hakim Linda Klassen Brown Bradley Chapman Heidi Weir Colin Stroud Emma Thompson Raw Business Have a Care JPR Mortages TLB Events Alexander Davis

Raw 04 - December 2008

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