Supporting clients through the challenges of the “New Normal”

June 25th 2021 | Posted by Dave Cross

The period of the pandemic has been challenging for small and medium-sized enterprises (SMEs).

Many of them are still far from safe ground and restrictions still present problems, especially in the hospitality sector.

Last year, Sage produced a research report looking at the ways in which SMEs were responding to the pandemic. It showed that businesses were experiencing difficulties caused by a range of factors including cash flow problems and disruption to supply chains. These are hurdles that accounting professionals can assist with.

Accounting firms have an opportunity to work with clients to support them through the current situation and ensure that they move forward into the “new normal” in the best possible position. Let’s take a closer look at the specific support opportunities that firms can embrace.

Providing the advice and support that is needed

There has been an ongoing slew of legislation since the pandemic began. It’s often difficult for firms to come to grips with this, especially in such a challenging environment.

Accounting firms are able to keep abreast of the latest news. This enables them to put their expertise to use assisting firms to adhere to legislative requirements whilst also optimising use of the help and support available to them.

Keeping communication regular and current

At times of intense pressure, SMEs need to be able to rely on clear and regular communication from the accounting professionals they work with.

In order to meet their responsibilities accounting forms are obliged to understand that conversations may be complex and emotional. Having this understanding prepares them for providing regular overviews of the situation with clarity and personalisation to the requirements of the business.

Assisting with information about financial support

There are various funding opportunities available to SMEs from government, councils, and local organisations. It can be difficult for businesses to understand how to access this funding if they are caught up in a mire of problems.

Accounting professionals have an opportunity to assist businesses in navigating processes. It’s possible to do this on an individual basis, by hosting webinars for businesses in a similar position, or a combination of both.

Offering support with funding applications

For accounting firms that want to build productive and trusting relationships with clients, it’s not just about introducing SMEs to potential funding opportunities. Many businesses also require their accountants to provide reports and other financial information to support applications.

Providing technical expertise

Now, more than ever, SMEs are relying on technology to help them as face-to-face activity is kept to a minimum. This includes embracing Cloud accounting software. Technologically advanced accounting firms are perfectly placed to give businesses the benefit of their expertise.

There is no doubt that the last year has been testing for everyone. This makes it more vital than it’s ever been for businesses to have access to support and advice they can trust.

It’s the ideal time for accounting firms to help clients through the period of uncertainty and develop relationships that will continue into the “new normal.”

If you are an accountancy professional looking for your next role, register with us. If you are on looking to hire an accountancy professional, get in touch.