During the Covid-19 pandemic, businesses have been under extreme pressure to efficiently run some essential financial functions, and this may continue once lockdown restrictions are fully lifted.
The main areas of concern for many businesses focus around cash flow, as well as internal working practices not being as efficient as they once were.
MHA Moore and Smalley can provide temporary support to relieve such pressures and deliver finance functions which may have previously been done in house or with another adviser.
How we can relieve the burden during this time:
Finance function support secondment
The finance function of any business is key, and it is essential to ensure compliance needs are met, and deadlines are adhered to. As such, our specialists can perform duties on a temporary basis on behalf of staff who may be unavailable. Such roles include:
• Management accountant
• Financial accountant
We can assist with a range of duties usually performed by such individuals in an efficient and cost-effective manner.
Management accounts is an essential business function which allows you to make informed decisions, by providing crucial financial and statistical information, in a regular and timely manner. We can assist you in setting up these processes or preparing the information for you. This is integral to the success of any business.
Cash flow forecasts and projections
As we are all unsure how long the restrictions imposed for the Covid-19 pandemic will continue for, as well as the after effects on the economy, it is essential that all businesses assess cash flow immediately and understand how much is required to survive. Many businesses will require additional funding requirements both in the short-term and longer-term. Our specialist Corporate Finance team can assist with:
• Cash flow forecasts including sensitivity analysis
• Financial modelling
• Grant / funding applications
VAT advice and Time to Pay support
There are several areas which can be assessed immediately in order to minimise business interruption and maximise your working capital, including reclaiming VAT and the newly introduced deferral of VAT payments for 3 months.
Getting Time to Pay can hinge on the presentation of information, gathering suitable evidence and negotiation skills; we can support you when approaching HMRC and help you when considering the
wider impacts and implications of Time to Pay.
Our team can also assist with VAT return preparation and submission.
For further information on the various VAT reliefs that can be used to improve cash flow and working capital, please click here.
We can assist with the changes required in the payroll function regarding furlough leave and flexible furlough, under the Coronavirus Job Retention Scheme, as well as assisting you with running your payroll if some of your key staff members are unavailable to do so.
We are also able to prepare your statutory accounts and other pre-year end related services, including:
• Preparing statutory accounts
• Corporation tax computations
• iXBRL tagging
• R&D claims
We have devised a useful Business Healthcheck Questionnaire to help you identify areas where short term planning and changes may be required due to the impact of Covid-19. This looks at various areas including cashflow management and tax issues.
For further information about how our specialists teams can assist you, please contact us on 08081683464 or email email@example.com