Sharp distinctions in approaches to managing cashflow and business continuity planning by SMEs and the corporate world are revealed in the latest edition of the ACCA UK and The Corporate Finance Network (The CFN) SME Recovery Tracker.
Closing on the 29 July, the results show that 86% of accountants in the corporate sector have business plans and financial forecasts in place,
“Counting the human cost of Covid — and of leaving small business owners behind” was the headline for the article on 23rd July, an opinion piece by Helen Brand, Chief Executive Officer of ACCA, who are backing the industry-wide campaign across the accountancy profession to #LeaveNoBusinessBehind
Referencing the mental health concerns accountants have for some of their business owner clients,
Today we launch the #LeaveNoBusinessBehind campaign to provide additional support to the wider accounting profession as we urge them to commit to encourage all business owners to prepare cashflow forecasts, so that they have a roadmap to lead them out of lockdown and into recovery.
We are concerned that with so many deferred and debt repayments becoming due over the next 12 months,
Emerging from the Covid-19 lockdown has not alleviated concerns about the future viability of small and medium sized businesses (SMEs), or eased the stresses they are under, reveals the latest ACCA UK and The Corporate Finance Network (The CFN) SME Recovery Tracker.
The survey features insights from accountants representing more than 15,530 SME clients,
Small businesses and industry leaders united in call for more action
ACCA (the Association of Chartered Certified Accountants) has joined with champions of small business to call for more help for the troubled sector in the wake of Covid-19.
The call came in a roundtable discussion hosted by ACCA with the Forgotten Ltd campaign,
McBrides, a member of The Corporate Finance Network based in Kent and South East London, has advised the shareholders of a construction support business on a £300,000 CBILS loan.
McBrides Corporate Finance Partner, Mark Grady was approached by his client following the overnight shutdown in the construction sector which left the business needing prompt advice regarding short to medium term cash flow advice.
Proficio Solutions, a provider of specialist Financial Director consultancy, bookkeeping, payroll, accounts management and cloud support for owner managed businesses based near Oxford has advised a legal services company on raising £600,000 via the Coronavirus Business Interruption Loan Scheme (CBILS).
Michael Pawley, Managing Director of Proficio Solutions, worked with the owners of the legal practice to first identify what level of funding would be required to support the business through the COVID-19 crisis and the subsequent recovery period.
MAP, a provider of corporate finance and accountancy services based in Manchester has advised a Digital Learning business on a £110,000 CBILS fundraise used to refinance existing debt on better terms.
Paul Barnes, Managing Director at MAP took the initiative to contact his client after some careful analysis of their existing debt showed that better payment terms were available under the CBILS.
Assynt Corporate Finance, a member of The Corporate Finance Network in Hertfordshire, has advised a car repairs business on raising a £175,000 CBILS loan.
Soon after CIBILS arrangements were announced by the government, Andrew Watkin (pictured), a business adviser at Assynt Corporate Finance recommended to a car repairs business owner that CBILS would be beneficial to their business.
LEES, a member of The Corporate Finance Network with offices in Norwich, London and Hampshire has advised a print & design company on fundraising following the Coronavirus outbreak.
The LEES corporate finance team were asked for assistance following the print & design company being impacted by a temporary shutdown of operations,
