The business/accountant relationship is becoming increasingly valued the deeper the economy feels the pinch of the credit crisis. However, it is still surprising just how many businesses operate without any professional support behind them and only call upon their services for end of year requirements.

Since there is no light at the end of the tunnel for this latest crunch, many small businesses will simply bury their heads in the sand, hoping that one day their business fortunes will pick up - unfortunately, this will unlikely happen anytime soon.

It is therefore critical that businesses should know what or whom to turn to in order to survive in this climate:

• Keeping your accountant fully updated will help them provide valuable guidance and support.
• Maintaining up to date accounts are vital to understand the current finances of your business.
• Try to keep up to date with payments, especially Tax, PAYE or GST - it's easy to get left behind.
• Maintain a good relationship with your bank and keep them informed of any cashflow problems. They will more likely be willing to help if they are assured your finances are up to date.
• Never tie up all your money and ensure you have at least 2 months working capital in the bank.

These are just some simple rules to follow to give your business the tools it needs to survive. Most importantly - if you don't have a proper records management and bookkeeping systems in place with the support of an accountant, get one!

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