In the current crisis a band-aid won’t keep you well heeled. A good accountant will.
A good accountant will always determine areas of your business requiring attention, identify those that have the most potential for growth, provide insights on cash flow, advise and assist in implementing improvements to stock management, ascertain if there's a need for business financing and produce financial forecasts so you can make better decisions. Of course, in between these factors there will be all sorts of nuanced scenarios that are specific to your sector and/or manner of business operation, but ultimately the accountant who will add the most value to your organisation will work with you to establish budgets and the financial infrastructure for your business to support you as you work towards achieving your business goals.
However, at the present time, as we ease out of lockdown, rather than the situation for business getting clearer so you can pursue those goals, it is arguably getting more confusing as lines blur between what is and isn't permitted or advised for commercial or not for profit entities. So. now is the time for your accountant to come to the fore.
At GSM, we take a long term view, as we have throughout our 100 year plus history. We'll consider what are the best and worst-case scenarios for each part of your organisation and steer you in the direction where the entirety of your operations are best placed to cope.
If you have taken advantage of Government grants, business interruption loans, furloughed staff initiatives, or any other steps to limit your financial exposure to the impact of the Coronavirus, as the authorities begin to step back from such support, with a clear understanding of your supply chain and in the absence of your improving sales, for example, we'll put more than a band-aid to any vulnerabilities and ascertain the best route for filling those gaps.
In the current crisis, it is crucial that your accountant can fathom the right path for you to take - and to mix metaphors - so you can cover as many bases as possible of probable beneficial positions and avoid putting all your eggs in one basket.
The continued uncertainty on the potential impact and duration of Covid-19 requires your accountant to help you contain your costs, protect your financial position, not least reducing operating expenses, identifying non-essential spend and improving cash flow. Thus with a strong balance sheet, significant liquidity and limited financial debt, you'll have the headroom to remain resilient throughout this period.
With many audits having been delayed because of the need to socially distance, now is the ideal time to consider whether your accountant is ensuring your financials are up-to-date, that your business model remains not only viable but delivers and that they are continually monitoring your situation in the context of these wider circumstances.
To find out more about GSM's comprehensive, cohesive accountancy services for all organisations, great and small, contact us today on 020 7935 3793