RSS feedsQ: My client intends to go into semi-retirement and leave the day-to-day running of his business to his three sons, while keeping a watch on financial matters. He is retiring to a Greek island and I’m not keen on relying on the vagaries of postal services to ensure he gets the management accounts on time.
A: I presume you still send paper copies of the management accounts to him and visit him at the factory to discuss them. While a quarterly trip to the Greek islands sounds great, it is hardly practical or efficient.
Presumably, he is keen for his sons to learn the financial aspects and they, too, will require copies of the accounts. Do they still want paper copies? They may prefer electronic copies that they find easier to store (and could print out for a meeting if required). It would be quite easy for you to print your accounts to a PDF file rather than paper and then email them to him and his sons or, better still, you could set up a secure client area on your website and upload the management accounts to the client’s area.
The sons would be able to download these from their factory office and he could then access these on his WAP/GPRS phone or BlackBerry while sitting on the beach. Once they have looked at them, you could organise a three-way telephone conference call where you can explain all the ins and outs of the figures.
Technology not only means efficiency, it also enables firms to deliver a quality of service that, until now, has not been available.
Ken McManus is assistant director, members service, at ICAS
