How on earth we are going to recover from the present coronavirus disruption?
You could probably divide your client list three ways, those that have:
- Fared better or marked time during the lock-down period.
- Managed to reduce the scale of their activity and maintain solvency.
- Had to mothball or close down their businesses or struggle on approaching insolvency.
Many in all groups may have received government grants or availed themselves of cheap loan opportunities. Grants are income, but the loans need to be paid back. Add to this the economic damage the lock-down process has created and its not difficult to see that the road back to pre-March trading conditions will likely be difficult.
Accountants are in a unique position to help their clients plan and monitor this transition back to pre-COVID activity levels.
The resources published to your Fee Builder dashboard this month provide the means to reach out to clients and offer to help, to assist in creating an appropriate road map to recovery and then offer to support them through the process.