Following on from the above joint survey with CFN that revealed just 27% of clients had written financial forecasts or business plans that had been reviewing in light of Covid-19, ACCA has joined a new campaign to #LeaveNoBusinessBehind.
The campaign aims to provide additional support to the accounting profession to contact clients directly to plan for recovery, in order to prevent business owners from ‘sleepwalking into insolvency’ over the next 12 months. Greater government support and industrial strategy advocacy for business planning and professional advice is a central part of ACCA’s policy positioning.
The campaign will also provide educational materials and resources to accountancy professionals.
The campaign asks accountancy firms to sign up and do the following:
commit to have a dialogue with every single client
check in - Are they coping okay? What are their main worries?
prompt a forecast - Encourage them to prepare a cashflow forecast for the next 12 months & assist with that, if necessary
assess further support and funding needs - Do they need further support to raise finance, manage working capital or consider another strategic direction for their business?