CLIENT CARE

Question 1

What would be some examples of good negotiation skills?

Answer 1

• Agreeing your client’s objectives and negotiation strategy before the start of negotiations
• Detailed research and preparation and undertaking a SWOT analysis
• Deciding what points you can give on and what is non-negotiable
• Understanding the other party’s position
• Considering the method of communication (phone, email or meeting)
• Always maintaining communication between the parties
• Walk away when you need to

Question 2

What does the contents of a set of public limited company accounts include?

Answer 2

• Chairmans statement
  -Independent auditors report
• Income statement (profit and loss account)
• Statement of financial position (balance sheet)
• Corporate governance report
• Other statutory information

Question 3

What is a balance sheet?

Answer 3

A balance sheet is a statement of the business’ financial position showing it’s assets and liabilities at a given date, usually the end of the financial year

Assets - cash, property, overdrafts, loans, and other investments held

Liabilities - borrowings, overdrafts, loans and creditors

Question 4

What is a profit and loss account?

Answer 4

Is a summary of the business’ income and expenditure transactions, prepared usually on an annual basis

Question 5

What is an important accountancy change which has an impact on how occupier’s regard their property liabilities?

Answer 5

The IFRS 16 which is the lease accounting standards all companies have to comply with on the balance sheet. The full costs of leases have to be accounted for on the balance sheet and an occupier’s obligation to pay rent has to be recognised as a liability.

Service charge would be accounted for separate.

Exemptions exist for leases of 12 months or shorter.

Question 6

What is the difference between conflict avoidance and conflict management?

Answer 6

Conflict avoidance
Require clear, concise, careful drafting of the contract and associated documentation. Involves understanding what could go wrong or how misinterpretation could arise

Conflict management
Involves the use of processes, tools and skills to find ways to manage disagreements and disputes

Question 7

What is dispute resolution?

Answer 7

Is the resolution of a dispute between two or more parties.

Most normally resolved by negotiation, where the parties themselves negotiate a resolution

Question 8

What does ADR stand for and what are some examples?

Answer 8

Alternative Dispute Resolution

Example: Arbitration or Independent Expert determination