Helping clients reopen their business successfully post-lockdown

July 23rd 2021 | Posted by Phil Scott

Businesses are starting to reopen as pandemic restrictions begin to ease.

This gives accounting firms the opportunity to help their clients successfully open up and grow their businesses. There are several ways that firms can do this. Let’s take some time to examine several of them in more detail.

Providing advice about financial health

Many business are facing difficult times ahead as they struggle financially. Accounting firms are working with them to ensure they have the right insights and information to improve their financial health.

This includes analysing their current financial position and determining the best ways for them to gain customers and increase revenue. Insights include what costs can potentially be cut and how marketing efforts can be optimised.

Advising on employee-related matters

Furlough is currently being phased out and will come to end altogether on 30 September 2021. At this time businesses require support to deal with employee related issues such as determining if and how they can afford to bring them back to work full time.

Accounting firms are helping with this by providing viability data and by managing payroll for their clients. This is particularly helpful to small businesses that need to ensure they comply with PAYE procedures while dealing with keeping the overall business on an even keel.

In addition, accounting professionals are advising clients on the affordability of bringing new employees onto the payroll as they open up and attempt to thrive and grow.

Assistance with effective forecasting

One of the most challenging tasks facing accounting firms right now is helping clients with effective forecasting to provide them with insight into the future of sales and growth. The reason this is so difficult is that there remains a lack of predictability in many industries.

This makes it essential for accounting professionals who want to stay ahead of the game to access and use real time data. This allows them to provide advice and information that is as accurate and useful as possible.

Support with the process of paying back loans

Over the course of the pandemic many businesses have chosen to take out loans in order to deal with financial pressures. They are now in a position where they need advice about how to best repay the loans they have taken out. Accounting firms are working hard to provide clients with loan repayment advice that puts them in the best possible financial position.

In addition, accounting professionals are responsible for advising clients about the loan and grant options that they can take up now and in the future. This requires having an understanding of the balance between helping a client secure their financial health while making sure that they do not take out loans they cannot afford to repay.

These aspects are all part of a business successfully reopening and improving and/or sustaining its financial health as restrictions ease. Accounting firms are vital in assisting them to address these aspects successfully.

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