You’ve accounted for various provisions; they are all enlisted in your provisions accounts, but are you sure they all should be there? Are they are relevant? Is the situation that arose them still there?
It’s one thing with provisions to have them as needed, but you don’t want them or they’re not needed, it’s just hurting your business. Continue reading
Having various provisions can cause a problem in itself. It’s not to say that you shouldn’t have numerous provisions though. If the situations demand one then so be it.
However, with just more than one provision you need to first off keep a detailed list of them including information on what’s the essence of each, updated information about due dates, relevance, i.e. if the provision should still be there etc. Continue reading
Sometimes things happen or business happens and things change. As they change, you may discover you’re tied to certain relationships, i.e. agreements, you have no way out other than after their full term. As such, with your situation changing, you discover you no longer benefit from the agreement in your business or more over your business doesn’t benefit from it. Continue reading