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by Brian Pinder-Ayres
Financial Management
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Title
Copyright
CONTENTS
FOREWORD
SERIES EDITORS’ FOREWORD
ABOUT THE SERIES EDITORS
ABOUT THE AUTHOR
ACKNOWLEDGEMENTS
INTRODUCTION
1. SETTING UP IN PRACTICE
CHOOSING THE RIGHT FORM OF BUSINESS FOR YOU
SOLE TRADER AND PARTNERSHIP
LIMITED LIABILITY PARTNERSHIP
LIMITED COMPANY
THE FUNDAMENTALS OF FINANCIAL MANAGEMENT
CONTROL OF WORKING CAPITAL
MULTILEVEL MANAGEMENT
RAISING FINANCE
SUMMARY
2. THE FIRM FOUNDATIONS
BASIC BOOK-KEEPING
MONTHLY PROFIT REPORTING
KEY PERFORMANCE INDICATORS
LIQUIDITY KPIS
SUMMARY
3. PLANNING THE FINANCIAL HEALTH OF THE PRACTICE
DEVELOPING A STRATEGIC PLAN
THE ANNUAL BUDGET
ZERO-BASED BUDGETS
IDENTIFYING THE KEY LIMITING FACTOR
THE BUDGET-SETTING PROCESS
CONTROLLING THE BUDGET
CAPITAL EXPENDITURE BUDGETS
BUDGETS FOR THE SOLE PRACTITIONER OR SMALL PRACTICE
SUMMARY
4. PROJECT REPORTING AND CONTROL
THE CALCULATION OF COST
SUMMARY
5. FEE PROPOSALS – SETTING A REALISTIC FEE
TRADITIONAL APPROACHES TO SETTING FEES
PERCENTAGE FEES
LUMP SUM FEES
TIME CHARGES
‘PERCENTAGE CEILING’ FEES
UNIT PRICE FEES AND FEES FOR REPETITION
LICENCE FEES
EXPENSES
FEE ADJUSTMENTS AND CHANGES
REVISION TO BRIEF OR CLIENT’S INSTRUCTIONS
ACCELERATION
OMISSION OF WORK IN THE ORIGINAL BRIEF OR COST OF CONSTRUCTION
CLIENT VARIATIONS DURING THE CONSTRUCTION PERIOD
RESEARCH INTO ADDITIONAL FACILITIES
SUMMARY
6. FORECASTING FUTURE FEES
FUTURE POSSIBLE FEES
A COMBINED FEE FORECAST
THE RESOURCES FORECAST
SUMMARY
7. CASH FLOW MANAGEMENT
CASH INFLOWS
ACCOUNTING FOR VAT
CASH OUTFLOWS
ACCOUNTING FOR TAXATION
SUMMARY
8. CREDIT CONTROL
LATE PAYMENT
THE AGED DEBTOR REPORT
THE ‘DROP-THROUGH’ AND THE ‘MULTIPLIER EFFECT’ OF BAD DEBT
RESOLVING PROBLEMS WITH FEES
MEDIATION
ADJUDICATION
ARBITRATION
LITIGATION
SUMMARY
9. BRINGING IT ALL TOGETHER – REPORTING AT PRACTICE LEVEL
TURNOVER ANALYSIS
BENCHMARKING
SUMMARY
10. LEAVING THE PRACTICE – EXIT STRATEGIES
WHAT ARE YOU LOOKING FOR WHEN YOU LEAVE?
CLOSING THE PRACTICE
TRADE SALE
PASSING THE PRACTICE ON TO THE NEXT GENERATION
SUMMARY
11. CONCLUSION
WHAT CAN POSSIBLY GO WRONG?
FAILURE TO USE STANDARD AGREEMENTS
FAILING TO INVOICE FOR WORK ON A REGULAR BASIS
FAILING TO COLLECT THE AMOUNTS THAT ARE DUE
NOT ASKING FOR ADDITIONAL FEES WHEN THE BRIEF IS CHANGED
NOT ASKING FOR ADDITIONAL FEES WHEN EXTRA WORK IS ADDED
FAILING TO MONITOR PROJECT COSTS AND CONTRIBUTION
LOW HIT RATE ON COMPETITIVE TENDERS
POOR ESTIMATION AND FEE NEGOTIATION
FAILURE TO MANAGE THE DESIGN TEAM
HOW HAS THE FINANCIAL LANDSCAPE CHANGED IN ARCHITECTURE SINCE 2008?
ADDING VALUE
GLOSSARY: DEFINITIONS
APPENDIX: USEFUL WEBSITES
INDEX
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Copyright
Financial Management
BRIAN PINDER-AYRES
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