Sharing can be good for you
I sometimes find clients are reluctant to share with me financial details of their business. I understand that annual accounts are highly confidential documents and many business owners do not want to share these details willingly.
However, I have today had a good example where a client shared limited information from their accounts with me and their insurance renewal premium increased by around 10%. I had some doubts as to the accuracy of some of their figures and therefore asked for sight of the last audited accounts.
Once I had these they showed that's some of the key figures were indeed understated but some of the others were excessive. Rearranging their insurance on the correct figures gathered from the annual accounts actually resulted in a reduction in their annual premium of over 10%.
This highlighted the benefits of being open with the basic financial figures of the business and that resulted in both a premium saving and the correct cover being arranged.
I will always respect the confidentiality of any documents shared with me and I will use the information to ensure that your interests are looked after. So don't be afraid to share your accounts - it might just save you some money