Accountants are the Emergency Service for Business - be prepared to assist now
Updated: Mar 21, 2020
In times of economic crisis, the accountancy profession needs to support SMEs and owner-managed businesses with their skills, experience and empathy and we need to focus our resources where they are most useful.
Compliance work can wait. Corporate Finance M&A deals will be all on hold. Granted, the tax department will be busy communicating with HMRC. So, apart from them, move the rest of your staff into Business Advisory temporarily.
Partners/Directors should be speaking to all their clients, calming them and keeping them informed, but also encouraging them with the actions they should be taking now - speaking to all their suppliers, lenders, customers and staff and understanding what immediate cashflows need to go out of the business over the next 4 weeks;
Managers/trainees should become trained in the cashflow apps and forecasting software (Float, Futrli, Forecast 5) and make sure you are ready to react when clients are ready, probably in the next week.
You need to make sure you understand where to find the finance your clients will need (www.capitalise.com for loans/debtor finance, or brokers for leasing companies (www.bluestoneleasing.com is the broker we work with) and be comfortable with their platforms and how you should access them.
You should consider setting up a peer group support network for business owners - virtual meetings (zoom) or chat rooms (whatsapp) to bring those together who can share ideas and challenges over the next few weeks
Longer term, when we are ready to go into recovery mode, you need to be advising business owners on their macro business strategy, micro business management, and the overall financial health of the business. For a free resource, the Financial Healthcheck work programme, email info@TheCFN.org.uk
And obviously, keep yourselves and your staff and families well in the meantime.
For more information and suggested actions now for Accountants and Corporate Finance teams, register here for the Capitalise webinar on Monday 23rd March at 1.30pm https://zoom.us/webinar/register/WN_dbu3HNAdSGOvtIcr-mVoCQ