Handling finances covers a multitude of mundane tasks. With this, you must be able to take a look at your overall active and passive income, assets, liabilities and expenses. Hearing certain financial terms, such as collection, bills, debts, interests, mortgage and past-due may instantly raise anxiety for the majority of us.
In business, you may unintentionally forget to make a payment, or you may need to do some serious juggling to keep monthly bills up to date. It can be challenging to know when to ask for assistance.
In this article, we will outline when you should talk to a lawyer regarding your overall financial health and provide an insight as to the role of a business lawyer in terms of keeping your financial expenses in tab.
Business Lawyers: What Is Their Role?
A business lawyer’s primary role is to assist clients in legal decision-making. They do this by providing legal advice and representing them in several areas that may arise during the ordinary course of business relations. This can range from preparing or reviewing contracts (such as shareholders agreements, sale of business contracts, employment agreements or terms and conditions of trade) and everything in between.
They also represent individuals or companies in Court, to enforce or defend their rights or property when other means have failed..
How Does a Business Lawyer Help You?
When it comes to business, it is important to keep track of your expenses and financial position. This way, you can help you make sound financial decisions and keep your business on track.
Having a business accountant and lawyer on your side can help you:
- Identify any banking and finance mistakes early on.
- Negotiating better payment terms with creditors.
- Giving you insights on how to save money on taxes.
- Providing legal advice and representing you in court, if necessary.
- Drafting and reviewing contracts.
- Negotiating on behalf of their clients.
- Protecting their intellectual property.
When Do You Need a Lawyer For Your Business Expenses?
If you are having a hard time managing your business expenses and assets a business lawyer may assist you in making better financial decision-making capabilities.
Questions to Ask Yourself Before Talking to a Banking and Finance Lawyer
Before you decide to talk to a banking and finance lawyer about your expenses, it is important to ask yourself these questions first:
Do You Spend More Than You Make?
The secret to creating a budget is adhering to a simple principle: spend less than you make.
When making a budget, start by making a list of all of your sources of income, monthly spending and any unpaid debts. Examining previous bills, bank accounts, credit card statements, benefit statements and income statements might also be helpful. Make sure to have a look at this as well if you spend or make money in any other ways.
Examine enough invoices and statements from the previous year to get a sense of your typical earning and spending patterns. It’s also wise to consider why some bills are more expensive at particular seasons of the year.
Are You in Control of Your Expenses?
Everything has a cost.. Keeping track of both routine and unpredictable expenditures, as well as daily and irregular ones, requires dedication. Taking control of your business spending and making cuts in your expenses take an even stronger commitment.
Having control of your expenditures allows you to have more liberty, debt freedom, stress relief and the capacity to make desired financial changes and create savings.
How Madison Marcus Can Help You
If you’re struggling to keep up with your expenses, it might be time to talk to a business lawyer. A business lawyer can help you negotiate better payment terms with creditors, save money on taxes and protect your intellectual property.
Madison Marcus is a full-service law firm in Australia that can help you with all aspects of your business, including expenses. We have a team of experienced lawyers who are well-versed in banking, finance and tax law. We can help you negotiate better payment terms with creditors, save money on taxes and protect your intellectual property.
For all enquiries, contact us here.
