News

The owners of small businesses in the UK are reporting increased levels of stress and anxiety as they try to plan a route back to profitable trading, according to a survey from ACCA UK (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN).

A figure of 37% business owners said they were feeling more stressed and anxious than normal in June – which is more than double the figure for May (16%).

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A total of 77.8% of accountants’ small business clients are not expecting to return to pre-Covid levels of production and turnover for at least a year, raising questions about their confidence and willingness to invest, according to the SME Tracker published by ACCA and The CFN.

And only just over a quarter (26.8%) have made plans for surviving another lockdown,

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Small businesses expect a long, slow road to recovery to pre-pandemic levels of trading, according to a survey from ACCA UK (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN).

The gloomy prediction emerges from the SME Tracker, which surveys accountants about their clients. It shows that 20% of SMEs are convinced that full recovery to pre-pandemic levels of trading will take up to two years.

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Small business owners are reporting a mental health and welfare crisis as they wage a constant battle to save their businesses, according to a survey from ACCA UK (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN).

The SME Tracker for March revealed that one in seven bosses (13.6%) were feeling unable to cope with work pressures,

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Small to Medium Sized Enterprises (SMEs) in hard hit sectors are increasingly starting to move to close down their businesses, according to a survey from ACCA UK (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN) which has polled its accounting firm members.

The SME Tracker revealed that in February two accountancy practices reported that 20-25% of their SME clients had already liquidated or wound up,

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After a year where most businesses will have depleted their cashflow reserves, the government-backed loan schemes became a necessary route for many management teams, as they sought to strengthen their companies and put new working capital facilities in place to allow them to fund their recovery.

The latest newsletter from The Corporate Finance Network highlights some member firms’

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The latest survey of UK accountants representing approximately 6,000 SME clients shows 28 per cent of them will probably not have enough funding for the next six months and expect to be unable to access the necessary funds for future trading. A further 24 per cent still do not know if existing funding will be sufficient.

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Accountants have been increasingly successful in persuading SMEs to reforecast their financial performance in the second half of 2020, according to the year-end results of the ACCA and The Corporate Finance Network (The CFN) SME Recovery Tracker.

In early June, only 27% of smaller businesses said they had completed a reforecast of finances to take into account the effect of the global pandemic.

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Kirsty McGregor, Chairman of The Corporate Finance Network, is featuring on a panel for one of the talks being held for Accountex, although this time, it’s not at Excel, but virtual.

Together with Paul Surtees of Capitalise, Glenn Collins of ACCA and Sarah Hartshorn of CFN member firm,

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