How accountants should be helping their clients and business owners during the pandemic.

How accountants should be helping their clients and business owners during the pandemic.

Some business owners only see their accountants as people who can track expenses and file end of year accounts. But let’s be honest, would an accountant go through so many exams and qualifications just to be able to perform admin for your business? The answer is no, and actually, accountants do a lot more than many people realise, and at a time like this, a global pandemic, an accountant can be an invaluable resource. In fact, a good accountant should be your most important ally during the COVID-19 pandemic, and here’s how. 


Accountants Make Things Make Sense


There have been many government support packages available for businesses and it can be very confusing to know which ones apply to you and which ones would be best for your business. Then once you have your head around that, you actually have to process the application. Good accountants know the different options available and will be able to advise on which is the best choice for you. At D&K Accounting, we specialise in helping small businesses and have set up a WhatsApp group to cut through this jargon. We give regular updates and support to our clients to highlight what help is available and translate the announcements into everyday English that everyone can understand.


Accountants Plan for Success 


A good accountant doesn’t just keep count of the numbers in your business, but they help you plan for the future. Since the second lockdown was announced, the government has begun to announce extensions to the schemes already in place to support businesses. At some point in the future, you may be asked to show how your business was adversely affected by the situation, so your financial records are very important when deciding whether to take up the government help. Having up to date financial information will help you to make a decision on the right course of action to support your business and choose from the options that are available to you at the moment. A good accountant can also help you to make sensible decisions rather than panicking and envisioning a worst-case scenario. Having an accountant who can create a clear financial plan for you not only alleviates fears but helps you to think about what the solutions are, too.


Accountants Spot Opportunity 


As new announcements are being made daily, support such as a self-employed grant up to 80% of trading profits as opposed to the original 40% has been made available during this next lockdown. As well as this, businesses can apply to banks for government-backed support until January 31st, and the furlough scheme has been extended until March, with businesses receiving 80% of employees’ wages. It’s this information that good accountants are not only on top of but can help to spot the opportunities that are right for you. There are some business owners who will struggle to see opportunity in the wake of this pandemic, which is totally understandable; for example, businesses who are forced to close will be eligible to receive a grant of up to £3,000 per month, and these grants will be based on business rates. Accountants can evaluate the options and opportunities, and then once they have helped you come to a decision, they can take care of the paperwork for you, so you don’t have to. 


If your accountant didn’t help or support you during the pandemic then CONTACT US today and let us support you and your business.

Share this post:

Don’t miss out on exclusive insights and expert tips! Sign up for our newsletter today and stay ahead in your journey to financial success with the Profit First method.

Join Our Newsletter

Subscribe to have the latest Profit First news and helpful accountancy advice direct to your inbox!

Thank you for subscribing to our newsletter!