Did cracks appear?31st March 2021
It’s now a year into the pandemic, and I’m sure you’re fed up of reading pieces reviewing the dreadful past 12 months.
So I won’t share another one :)
But this is a good opportunity for every business to conduct their own internal review into how well they functioned during the pandemic - and if necessary, learn the lessons.
You may have already given this some thought, particularly after the first lockdown. But with the passage of time, issues become clearer.
And you may have more time and headspace now to tackle important problems which you couldn’t deal with at the height of the crisis.
How well did your accounting team function during the pandemic?
Were they able to help you apply for government grants relatively smoothly - or was the process a big mess?
I won’t lie, it was complicated for everyone… but a capable team wouldn’t have been overwhelmed. They would have navigated the process in an organised way, guiding you and getting the job done smoothly.
How about furlough payments? Again, this could get very complex. The regulations changed several times and working out the payments for people on furlough was undoubtedly a headache.
Did your team show signs of struggling, or did they take this in their stride? Were mistakes made - potentially exposing your company to fines - or did your team have a process to double-check the payment details, ensuring accuracy?
Finally, for most companies this was a time of enormous flux financially. Even if you were growing fast, this comes with lots of financial challenges!
Did your financial team have the capacity, skills and experience to support you as owner or CEO…
giving you sensible financial advice so you could salvage the situation if necessary… make the most of opportunities that arose… and put your mind at rest that you were doing the right things?
Or did they largely leave you to make financial decisions yourself, so you had to act without real numbers and forecasts at your fingertips…
…never sure what your decisions mean financially for your company, or what financial fire might ignite next?
A financial crisis is when you’re most likely to notice cracks in your finance team.
But that doesn’t mean you can ignore the problems once the immediate crisis is over.
You need excellent financial support at all times for your business to grow smoothly.
Companies are about making money… If this side of your business is compromised, your whole business is compromised!
Continuing as usual is like continuing to live in a building once you’ve become aware the foundations are collapsing.
So if you’re worried that your accounting team didn’t function quite right during the pandemic, it might be time to consider another solution.
Our Outsourced Finance Department provides world-class financial management to companies just like yours - turning over more than £1 million, and ambitious to grow to £5 million, £10 million, and beyond.
During the pandemic, we worked closely with all our clients to make their life as easy as possible - handling all their furlough payments and helping them apply for government grants.
And of course, we helped our company owners make sensible financial decisions under the most stressful conditions.
At the same time, none of our clients saw any reduction in their usual services.
To find out how you can access the same robust, smooth level of financial management, click here to get in touch with me today, or call us on 01279 647 447.
Let’s talk about how our Outsourced Finance Department can drive your company forward.
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