How accountants and bookkeepers can help struggling businesses?
Due to Covid-19, many livelihoods have been disrupted. Endless lockdowns impacted the physical and mental health of individuals and staff and made many small business owners struggle with cash flow. Despite all of the support given out by the UK government, many start-ups and small businesses are still not be able to continue their operations…
Due to Covid-19, many livelihoods have been disrupted. Endless lockdowns impacted the physical and mental health of individuals and staff and made many small business owners struggle with cash flow.
Despite all of the support given out by the UK government, many start-ups and small businesses are still not be able to continue their operations and are resulting in closure. The economic crisis is now much worse than that of the housing stock market crash in 2008! In this challenging period, with economic instability and depression at the highest on record, small business owners struggle to manage their business, which is where accountants and bookkeepers can step in and help them turn it around as their number one advisor!
- Be patient and kind – Business owners are facing such a tough time running their businesses. At this moment, an accountant or bookkeeper with a friendly and supportive approach and a good gesture will make your client calm and relaxed and influence your client to fight with the situation. Any assistance accountants can help build a strong and trusted relationship in the future and will most likely result in fantastic referrals!
- Stick to deadlines, keep promises and keep them in the loop – A struggling business owner may forget important documents or due dates due to the situation caused by Covid-19. As a trusted and supportive accountant or bookkeeper, you could make they're live so much easier if you provide them with a clear timeline of their deadlines, any taxes they may need to pay and frequent chasers for documentation. Nomisma can help; you can schedule bulk personalised emails to gather information or send tax payments reminders!
- Keep up to date with government guidance – Accountants and bookkeepers are overwhelmed and overworked right now. But they must have the most up to date information about new government policies and grant opportunities. An up-to-date accountant or bookkeeper can provide tips and pieces of advice to their clients on making claims, what to claim for, and guiding them through the process.
- Help to raise finance – This is something most small businesses struggle with. But any proactive accountant or bookkeeper using cloud-based technology can put together the necessary reports in no time at all. These reports can then be shared with the lender to get approved for business loans and financing.
- Use cloud accounting software – It’s proving more crucial than ever. By having access to cloud-based accounting software, you and your clients can work collaboratively in real-time. With lockdown, it’s a real-life saver as Nomisma user’s businesses aren’t affected. The business owners’ books are kept up to date, and they’re still able to make critical financial decisions without worrying about their finances. In this day and age, the right accounting software is so essential.
- Assist in business growth – As an accountant or bookkeeper, you’re positioned well to provide the client with assistance in analysing their numbers to unlock hidden opportunities. For example, are they spending too much on marketing and not getting the return on investment they expected? Should they increase their fees by 5% and negotiate better deals with their suppliers instead of working more hours? Precisely the kind of advice your client will value!
We hope these points help you to help your clients during these challenging times. If we can help you further in accounting software support, please do get in touch – we’d love to help.