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’
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.
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.
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,
The Corporate Finance Network has released the 100th issue of Network Opportunities, the publication which lists the businesses for sale and wanted across the member firms of The CFN, along with a review of six successful deals completed in the previous month.
This newsletter, issued 10 times per year,
Capitalise, has today announced the appointment of the founder of The Corporate Finance Network, Kirsty McGregor, as their Accountant-In-Residence. This engagement marks a significant expansion from Capitalise as they move beyond funding.
McGregor, who has been a trainer for BPP, Mercia and ICAEW and has facilitated training for the ICAEW/SII CF qualification,
The government backed loan scheme, CBILS, is ending for applications on 30th September, which, as I write this article, is 19 working days away. If your client needs to apply, now is the time to do it, to ensure the banks and lenders have all the information they need to confirm a full application by the deadline.
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,
