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Accountants - many of whom are either small practitioners or small firms - are SMEs’ (Small Medium Sized Enterprises) trusted advisors. The coronavirus crisis is a critical time for SMEs, where they’ll need all the guidance they can possibly get to navigate through the storm left by covid-19. Accountants in North Wales are supporting their local SMEs clients who might be struggling during the aftermath of this pandemic. Here are some of the recommended actions for accountants to support their struggling SME clients. Aid Options Accountants should be aware of any and all financial and other forms of aid which have been made available by the government. All applicable and available aid should be used to aid your client’s situation. Take the time to identify clients who are in high risk sectors and those who would benefit the most from public support measures. Help them through advising on, and guiding through all the claims that are available to them. Identify viable options to diversify their business; access emergency financing provided by governments. If possible, consider renegotiating your fees and even introduce a more sustainable payment plan or schedule. Immediate Business Survival Inform all SME clients of the immediate measures that might make the difference between being able to survive or total business collapse. Help them to implement these, for example:
Plan for the Medium Term Many SME clients are likely to be in panic mode. As their trusted accountant, you should help them to avoid rushed emergency measures which could critically endanger the business’ medium-term viability. Help them to:
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