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In an article posted on emplois.ca, Marc Bergeron, Vice-President – Recovery & Reorganization at Raymond Chabot Grant Thornton, tells CPAs how to deal with a company that is showing signs of distress.
Warning signs include a shortage of cash resources, a decline in sales, recurring deficits, late tax payments, the loss of a major client and the departure of the best employees.
Bergeron reminds accountants that it’s their duty to notify business leaders when they perceive such signs. He also mentions that many managers tend to bury their heads in the sand when their accountant tells them their business is in a vulnerable situation.
Bergeron adds that there are recovery services to help a business turn its situation around. The sooner the accountant reacts, the smoother the road to recovery.