YOUR ACCOUNTANT CAN HELP YOU.

YOUR ACCOUNTANT CAN HELP YOU.
In the short space of time, the business world has turned on its head. While larger companies have the benefit of skilled directors and advisors to turn to, many SMME’s simply do not have that level of support behind them.
Philip Barnard of PLB Accountants says that navigating the impact of lockdown is one thing but SMME’s will still need to navigate an economy which was troubled pre-lockdown. Philip points out that many accounting practices are small businesses themselves and are well aware of the challenges faced by SMME’s.
“Your accounting practitioner can be a trusted and objective advisor in this critical time and help you to not only navigate the storm but also be more prepared for the aftermath”, says Philip.
Some of the areas where accounting practitioners can assist are:
1. Aid options
There are a number of options available and your accounting practice can help to understand which can work best for you. Having your accountant completing and submitting the forms can also prove very helpful and time-saving. The process can be frustrating and your business or employees can miss out if you get it wrong.

2. Objective planning
COVID-19 hit us all very quickly and understandably – it was not easy to plan or even fully comprehend the damage. It is however important not to feel helpless and your accountant can help you by:
YOUR ACCOUNTANT CAN HELP YOU.
In the short space of time, the business world has turned on its head. While larger companies have the benefit of skilled directors and advisors to turn to, many SMME’s simply do not have that level of support behind them.
Philip Barnard of PLB Accountants says that navigating the impact of lockdown is one thing but SMME’s will still need to navigate an economy which was troubled pre-lockdown. Philip points out that many accounting practices are small businesses themselves and are well aware of the challenges faced by SMME’s.
“Your accounting practitioner can be a trusted and objective advisor in this critical time and help you to not only navigate the storm but also be more prepared for the aftermath”, says Philip.
Some of the areas where accounting practitioners can assist are:
1. Aid options
There are a number of options available and your accounting practice can help to understand which can work best for you. Having your accountant completing and submitting the forms can also prove very helpful and time-saving. The process can be frustrating and your business or employees can miss out if you get it wrong.

2. Objective planning
COVID-19 hit us all very quickly and understandably – it was not easy to plan or even fully comprehend the damage. It is however important not to feel helpless and your accountant can help you by:
– Reviewing and adjusting your cash flow forecasts, establishing the reality of the situation.
– Assessing cost-cutting initiatives. It is sometimes difficult to see the wood for the trees and your accountant can help you to make objective decisions and understand the impact of such calls.
– Exploring the business model and get a sense of which areas, products or services might do better than others.
– Ensuring that the financials are up to date so that if one has to have discussions with your bank, the picture is clear and you can present a credible case.
– Enabling you to manage creditors effectively and modelling the positive effect that revised payment terms can have on your cash flow.
– Keeping an eye on progress so that decisions can be changed quickly as the situation evolves.
– Leveraging his or her network by introducing you to members of the wider SMME eco-system such as legal, marketing and HR specialists who understand the landscape and can prove invaluable to your business.
– In some cases, liquidation might well be the sensible option and it is then important that your accountant puts you in touch with an experienced attorney. Even then, all is not lost – you might be able to restart free of debt (apart from areas where you’ve signed surety) or diversify.
“Managing the here and now decisively is critical. You need to be an early but informed mover. Although it is difficult, one needs to stay calm so that the thinking is clear, objective and strategic. In doing so, one must not lose sight of the medium term – it is just around the corner and you need to be prepared for it”.

Philip Barnard
philip@plbaccountants.co.za
+27 21 975 8911

  • This field is for validation purposes and should be left unchanged.

Marketing Level

[wfacp_forms id='63388']