Why your business needs to have strong accountants during COVID-19!

Mr. Sunak stated that the budget 2021 "does not put a line under COVID," warning of "difficult months ahead"

Chancellor Rishi Sunak has announced a series of tax cuts and income increases to assist business owners with the growing cost of living, as he warns of "challenging" months ahead due to the ongoing COVID-19 and rising inflation. In this situation, it becomes really difficult for an individual to manage their finances. The majority of the directors are dazed because of the immediate impacts of COVID-19 on a trade whether how their business will profit or even survive in some cases. Hence, you must focus on having strong a strong accountant managing your finances and taxes most efficiently.

Myth: accountants are an expensive overhead, especially in SMEs!

It depends on the accountant’s skills to bring maximum profits to the company. The director must invest their money in the right alliances. The accountant needs to turn the business in the most efficient way as to have a way to track the expenses and file the end-of-year accounts. The accountants should have appropriate financial planning, manage the incomes and expenses, the right tax claims and allowances must be put to use.

Because the government's business support is complex and comprises various strands, it might be difficult to grasp the appropriate schemes and complete the application. If you are attempting to obtain money under the CBILS scheme, the information that lenders demand might be cumbersome. The link between precise financial planning and commercial performance is evident: firms that understand their financial status and key success drivers beat their peers. Budgeting and cutting costs on unnecessary expenses are definitely vital for you.  During the pandemic planning your expenses on essential and effective costs is the most imperative decision than ever. However, a comprehensive financial strategy not only alleviates anxieties but also assists leaders in thinking about solutions.

The government, so far, has done a nice job at supporting firms; there are several tax breaks and initiatives available to help improve cash flow, save money, and even give a capital infusion. According to Budget 2021, Rishi Sunak has canceled the following year’s hike in business rates in England and pledged more regular revaluations, as well as tax benefits for businesses who make renovations to their premises, beginning in 2023. Increased funding for industrial research and development, making tax digital, etc. hence, during this time the right accountants will help you advise on matters concerning taxation and financial management.

Fast-paced in communication, Understands your concerns, an expert in your industry

A competent accountant can assist directors in determining the best course of action and developing systems to carry out the strategy. With in-person meetings on pause, for the time being, the accountants can work with you digitally to review your (clients’) financials. Maintaining contact with your accountants is vital, the right accountants will never make you feel abandoned.

In this pandemic, there have been so many accountants who have been going the additional mile to provide support for new and prospective clients who require help at this time, it will not only aid you to get to through times of uncertainty but also give the accountants the best chance to thrive now and in the long-run.  However, it’s the accountants’ ability to be present and has constant communication with their clients. To have an overview of a company’s finances and apply this to government and other emergency offers have never been more important.