COVID-19 – How an accountant can help your business.
Your accountant should be your major source of support for your business during both good and bad times. They give you advice and support how to run your business and help you keep up to date with changes in tax and regulations. It should therefore be the case that during the current COVID-19 outbreak that your accountant should be your guide to navigating your business through this crisis.
The times we are living in are unique and troubling and the first thoughts should be of survival for you and your business, but then once that it is done you need to turn your attention to what comes after? During the lockdown there will be funds and help from the government that you can make use of, but once that ends you will need to be making sure that your company can continue without this help. This is where your accountant can help you.
Guidance and help through difficult times
It is important that you keep in contact with your accountant during this time and you seek guidance if you are experiencing problems with your business. You should also ask your accountant to keep you up to date on any financial help that you can take and any help from the government that you can claim.
Cash is king is a phrase that is often used but it would seem to be more relevant now, you need to make sure that you have the cashflow needed to get through the current crisis and come out the other side. Your accountant can help you look at your cashflow over the next few months and year and can suggest solutions should you discover a shortfall – perhaps you need to take short-term finance, delay a vat payment or reduce non-essential costs?
Tax bills - Having the tax bills now rather than at the deadline day would also give you a way to project what you cashflow will be in the forthcoming months. This is important if you need to contact HMRC to arrange a time to pay scheme for your taxes.
Your accountant is your guide to what government help is available for your business – can you claim the salary costs through furloughing employees, are you eligible for grants or reliefs through the current crisis or can you make an application for the Coronavirus business loan scheme? A discussion with your accountant will ease your concerns and they can point you in the right direction of what help you can get.
It is important that you consider what will happen after the current crisis as finished. It is very tempting to reduce spend on marketing but almost certainly that will impact your ability to bounce back after the world starts to recover. Your accountant can help you develop a business strategy as you start to get back to work and to get your business back on the right track.
Your accountant is the main supporter that you have for your business, it is important now more than ever that you lean on them and ask for help and seek the guidance that they can provide.