Accounting Firms need to survive the economic crisis.
It’s been a while since we have travelled by plane, yet most of us can recall the phrase; “Please fit your own mask before assisting others”.
When the masks drop on a plane it is usually a sign there is danger ahead, and it’s fair to say that with COVID-19 the masks have dropped for thousands of businesses across Australia and New Zealand.
Our economic recovery is reliant upon many factors and nobody would argue, that our Accounting Firms are amongst the most important first responders in assisting that recovery.
So many accountants are working above and beyond to help clients. Their advice is invaluable as they navigate their way through accessing government subsidies along with other urgent client enquiries.
As accountants assist their clients, we wonder if many have stopped to consciously consider the impact that COVID-19 will have on their own cash flow? Many have been too busy to follow up debtors from January & February and others have thousands of dollars of unbilled WIP. Some have paid rent on offices whilst spending money to ensure their staff can work comfortably from home.
We need Accounting Firms to survive this economic crisis.
Please don’t forget to fit your own mask! Billing your WIP and ensuring your clients pay when due will ensure your survival. We love accountants and stand ready, willing and able to help.