The Role of Accountants in Helping Businesses to Fight the COVID Crisis

The COVID 19 driven pandemic has shaken the economic structure of states all over the world from very within. And the ordeal is still not over. As England reels under the fresh bout of the British strain of the coronavirus, the Government has slapped fresh lockdown, with the next announcement expected around 22nd February 2021. 

In the wake of this ongoing turmoil, almost 8 out of 10 small as well as medium-sized businesses have responded with certain special measures amid this pandemic and have kept themselves afloat. The credit for this goes to not only the UK Government but to the businesses accountants in Wokingham and elsewhere near London working on the behalf of these companies. 

Measures that are offered to these businesses since the start of the first lockdown last year include a lot, including furlough schemes, a wide range of business loan schemes backed by the government, relief in business rate for the hospitality sector, deferred VAT and tax payment options and the likes. And professional accountants, working in these have helped their employers to make the most of these government-backed measures.  

Does more significant involvement lead to increased support source? 

Yes, it does! Indeed, these professional accountants in Grazeley and elsewhere in and around London have helped their employers to not only stay afloat but perform modestly, in this otherwise economically volatile situation. Certain data will advocate for the significant role that the accountants have played and are playing, to help businesses fight the situation and perform well.  

Of the businesses that have employed professional accountants to deal with their accounts, only 40% say that they have not availed of these above-mentioned facilities. And of the businesses that have an accountant, only 12% says they have not availed those facilities. Again, only 6% of those accountants in Woodley and other London suburbs say they did not help their employer in availing these measures. 

The same picture comes up when a study was conducted to find how many accountants in Woodley and in other places helped their employers to manage cash flow. Only 6% didn’t advise their employers to use the support from the government. 

Thus, it is quite evident from these findings that the accountants in Woosehill and other London suburbs had played a pivotal role in helping their employers secure some type of assistance schemes from the government during the pandemic, and are continuing doing so! 

The role of the accountants in managing cash flow, loans, redundancies and crisis

Besides helping their employees avail the government facilities, these accountants in Hurst and other places near London have also helped them with their own survival strategies, during the lockdown. It includes measures involving spending of cash reserves, modifying the operational practices (including the introduction of remote working, taking out the ordinary loan. They also helped and managed the recruitment of more staff and introduced new products and services, when other companies were retrenching. And the most popular and effective solution was spending cash reserves strategically during this period of low revenue inflow. 

So in the nutshell, these accountants in Theale and other London suburbs have helped employers to identify the most effective survival strategy and stay afloat in this scenario. 

This is where we at Biz Accounting Solutions Ltd make a difference. Our accountants will go a long way to assist you to avail these schemes and prosper even in these difficult times. Dial us at 44 7877224964 or 01189 693061 during our office hours to know further details about us.