Behind every resilient business there’s a hard working accountant
Every company will want to remain resilient in the face of a crisis and as the world still reels from the health and economic impact of coronavirus, there's perhaps never been a better time to ensure you are business-ready for any future crises.
But resilience is more than maintaining business continuity. When faced with crises, resilient businesses are able to bend without breaking. It's about having the framework in place to ensure your business can overcome the situation, adapt and emerge stronger to thrive in the so called 'new normal'.
In almost every financial crisis, preservation of cash and liquidity is a top priority. Equally, beyond immediate cash needs, the finance function must respond to potential accounting and financial reporting implications.
So, by consistently evaluating financial impacts and ongoing liquidity requirements, a resilient infrastructure for your business becomes more than just fine words, it becomes a strategy and an approach to business that is fundamental to how your company can operate successfully going forward.
Resilient business strategies should be the objective for every business and Covid-19 is certainly a catalyst to prioritise it. And your accountant can be at the heart of this strategy.
After all, a recent survey noted that 58% of SMEs named their accountant as their most trusted adviser, assisting in areas such as business planning for the future, with 61% saying their accountant supports them in areas they struggle with or are baffled by.
Even more impressively, 63% respondents to a Xero survey said that their accountant has delivered an uninterrupted service, even during the worst periods of the lockdown when business had pretty much ground to a halt.
Meanwhile, 38% of those surveyed claimed they now enjoy a closer relationship with their accountant than they had prior to the Covid-19 outbreak. Well, that certainly seems a low figure to all at GSM, as we have the closest of business relationships with our clients, with ongoing dialogue at the root of all we do to ensure our clients' resilience pays off in the long term.
The only constant one can expect in business is change and at GSM we lead the way in ensuring clients' systems and infrastructure are adaptable to overcome any future disruption and uncertainty.
To hear more of how GSM go beyond the numbers to implement procedures before you need them, contact us today on 020 7935 3793.