Re-opening after Coronavirus: How an accountancy service can help maximise your business profits and cost-efficiency
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What ongoing support is available for businesses as they re-open following lockdown?
Christopher Way BA, MSc (Accounting and Finance) AIA, CPA, Dip. BUS, principal director of East Devon’s CRW Accountants Ltd, shares further updates and support available to business owners.
Q: How have you been helping businesses to survive over the last three months?
A: We’ve maintained regular contact with clients, sharing any relevant information with them that could help their business. We’ve provided updates about loans and grants available to help sustain their income or cover the cost of rented premises while they are unoccupied. We ensured they applied for all relevant furlough schemes, Business Bounce Back Loans, Business Interruption Loans and Self-employed Income Loans.
It’s important to make the most of the available help. We can recommend what support clients are eligible for and how to apply.
Q: How will you continue to help businesses as we move out of lockdown?
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A: We’ll continue to speak with our clients often, checking in with them and helping them to plan and prepare for the future. The time we spend getting to know our clients’ business needs helps us to put seemingly large issues into perspective and provide solutions to help them achieve their business goals.
We know from feedback that our clients have greatly appreciated this as they contemplate the challenges the pandemic and coming out of it proposes to the daily operation of their business.
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Q: How can you help minimise concerns that business owners may have as we try to adapt to the new circumstances of business life?
A: It’s clear to us that moving forward businesses will need to learn to adapt and regularly review and assess their operation. With the gradual withdrawal of government support, it’s increasingly important that clients and accountants work together to get ahead of these changes.
We’re recommending that clients update their accounting systems. This will make it easier to manage monthly earnings and out-goings. Our online professional accounting platform prepares and integrates their record-keeping, sales invoicing and VAT returns. If needed, it can also manage the monthly accounts to help minimise the time spent on essential compliance tasks.
We can also handle your payroll, real-time information and auto-enrolment. This helps free up a business owner’s time, allowing them to focus on more important details, like running their business.
Using online accountancy services helps us to find and advise on any areas of a business that may be problematic. Clients benefit from avoiding last-minute pressure to get records to us and from early notifications of any issues, opportunities and tax liabilities so that they can plan and take appropriate action.
Q: What would you say is the most important thing for small and medium-sized businesses to consider?
A: When providing services or goods, businesses should resist under-pricing their products to obtain customers. It may be tempting to do so to help recover recent money loss, but an emphasis on quality and reliability are the attributes, that when coupled with realistic pricing strategies, can reap substantial and recurring long-term customer loyalty.
Q: Looking ahead, what changes do you expect for accountants and others working in your profession?
A: In my mind, there’s no question that eventually HMRC will require 100 per cent digital filing. This means that accountants and business advisors will need to rely less on basic compliance work and more on their understanding of their Clients.
Going forward, it will be essential to be personally, deeply knowledgeable of a business owner’s ambitions and aims to ensure truly beneficial advice is provided to them. Accountants will need to encourage their business clients to adopt modern methods of digital accounting and supply them with timely business and tax planning advice.
Christopher and his staff specialise in supplying financial and taxation services to small businesses. CRW Accountants Ltd has been providing its services for over 35 years.
Visit crwaccountants.co.uk for more information.
Call 01297 553286 or email firstname.lastname@example.org to book your first free appraisal meeting.
The above information is provided in good faith, but professional advice should be taken before actioning any of the points mentioned.