Tue, Mar 31, 2020

David Fleming Speaks to Accountancy Age About Preserving Client Cash Flows Amid COVID-19 Crisis

David Fleming, Managing Director in Duff & Phelps Restructuring Advisory practice, was featured in Accountancy Age discussing the need for accountants to focus on helping their clients preserve short-term cash flow as business revenues continue to be impacted by the coronavirus (COVID-19).

David commented, “The first thing that we’re being sent around to look at is the short-term cash flow. Our focus is getting a grip on the short-term cash flow. And then looking around for the options we have to effectively preserve cash in these unknown times because their revenues have fallen off a cliff. For businesses, the key point is to understand how much cash they’ve got and how long will that last.

Businesses have also been contacting their accountants to better understand which government support measures apply and how they can be accessed during the current crisis.

David added: “The COVID-19 Business Interruption Loan Scheme, which the government has announced… [businesses] are interested in understanding, how can they get access to that? What are the terms of that funding that have been provided to them? They’re also very keen around the HMRC support that has been that gives them an immediate cash boost into their cash flow…The government has taken a great step which is hugely positive. The VAT bill is one of the big bills for SMEs and to be able to preserve that cash within your business is a real thumbs up.

Read the full article here.

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