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Seminar focuses on timely issues

With the headlines bringing more grim news about the state of the economy every day, the opening presentation at the Managing Partners Seminar on 4 November was a particularly topical one.

Held at the offices of our newest MGI member CBW, the seminar featured John Alexander, insolvency partner at CBW, who explored the early warning signs that a business is in trouble and highlighted constructive steps to take to help firms and their clients protect themselves against economic difficulties.

A discussion on the impact of the downturn on the accountancy profession suggested that member firms continued to be very busy but that there were concerns about what the coming months might bring.

One positive aspect to emerge was that sharing information on bank interest rates offered the potential to negotiate significant reductions for members where better rates were available elsewhere.

The results of the inter-firm comparison also identified an opportunity to use a similar technique. One aspect of the comparison focused on the cost to different member firms of professional indemnity insurance and the different level of cover received.

In one case, one of two firms using the same broker found that they were paying 50 per cent more for a lower level of cover than the other – providing them with useful ammunition to argue for a cut in the cost.

Elsewhere, UK & Ireland international committee member Robin Sewell reported on issues discussed at the MGI AGM in Mexico City at the end of October.

Ian Dodds, partner at Lanham & Francis, said: “The seminar presented a good opportunity for us all to meet our newest associates CBW at their business premises.

“It was particularly useful to be able to learn of experiences with banks, not only as regards our clients but, indeed, the attitude of some banks to our own facilities and needs.

“As ever, the inter-firm comparison was a useful document to compare and contrast the successes – or otherwise! – and stimulate discussion on various topics.”