During the pandemic the ACCA and The CFN have been conducting frequent business health surveys. The have found that only 27% of business owners have prepared a cash-flow forecast in response to COVID. Without plans, many businesses believe they have sufficient cash, when in reality many may be, just one event, one surprise away from insolvency.
The Government has done so much but also left out so many. At the end of September, CBILs & BBLs will end. There is a funding cliff coming. Whilst we campaign for it to continue, with only 27% of business preparing cash-flows, most are unaware this support is ending. “Free money” for 12months with no personal guarantees and 2.5% rates thereafter are going to evaporate. Funding in the real world will be harder to come by and it will be more expensive. This, just as the cash-flow deferrals start to come into focus. We need businesses to prepare for this.
Government actions have thrust accountants into the epicentre of its solutions, be it the Job retention scheme, JRS2 or even lately JRS3, VAT & Corporation tax deferrals, CBILS and from the Summer Statement now helping them manage the reduction in VAT for services to hospitality. Accountants are having emotional calls with desperate owners and many are simply not prepared for the new therapist/adviser role thrust upon them.
In collaboration with the CFN, ACCA, AVN, Accountex, Accounting Web & Clarity we are proud to be supporting the campaign to #LeaveNoBusinessBehind.
#LeaveNoBusinessBehind is a movement from accountants for accountants. The goal is for every accounting firm that commits, to have a 1-1 dialogue with every client on the books, to get them planning and preparing to exit this pandemic successfully.
#LeaveNoBusinessBehind provides the resources to feel comfortable in that dialogue and to get our business owners on the front foot.
If you are an accountant please join us -> http://assets.em3.capitalise.com/leave-no-business-behind
If you are a business - please share with your accountant.
P.s. Thank you Kirsty McGregor for your initiative. You have campaigned tirelessly for accountants and their clients throughout this pandemic, so it is easy to see why the ACCA, AVN, Accountex, Clarity & AccountingWeb would join in the collaboration. I and Capitalise are grateful to be able to support.