Due to Covid-19, many livelihoods have been disrupted. Endless lockdowns not only impacted the physical and mental health of individuals and staff but has also made many small business owners struggle with cashflow.
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 difficult period, with economic instability and depression at the highest on record small business owners are struggling to manage their business, which is where accountants can really 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. In this moment of time, an accountant with a friendly and supportive approach and a promising gesture will not only make your client calm and relaxed but also influence your client to fight with the situation. Any assistance accountants offer at this time can help in building a strong and trusted relationship going forward and will most likely result in amazing referrals!
- Stick to deadlines, keep promises and keep them in the loop - A struggling business owner may forgetimportant documents or due dates due to the situation caused by Covid-19. As a trusted and supportive accountant, you could make their 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. This is where Nomisma can really help, you can schedule bulk personalised emails to gather information or send tax payments reminders!
- Keep up to date with government guidance – Accountants are overwhelmed and overworked right now. But it’s vital they have the most up to date information in relation to new government policies and grant opportunities. An up-to-date accountant can provide tips and pieces of advice to their clients on how to make claims, what to claim for and can guide them through the process.
- Help to raise finance – This is something most small businesses struggle with. But any proactive accountant using cloud-based technology can put together the necessary reports in no time at all. These reports can then be shared with the lender in order to get approved for business loans and financing.
- Use cloud accounting software – It’s proving more important than ever. By having access to a 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 important financial decisions, without worrying about their finances. In this day and age, the right accounting software is so important.
- Assist in business growth – As an accountant, you’re positioned so well to provide you 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? This is the vital advice you can give your client and chances are they will listen, better yet maybe even pay you extra for the advice!
We hope these points help you, to help your clients during these tough times. If we can help you further in terms of accounting software support, please do get in touch – we’d love to help.