I have an article out on AccountingWEB this morning on what small businesses should be thinking about once they have addressed their immediate cash flow and staffing problems.
Those that have a hope of surviving need to start planning their recovery now - because the risks that will arise then will be at least as big as the ones that are being faced now.
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Risk Management will surely become a key issue going forward. How NHS Trust CEOs, accountants and auditors signed off on their Risk Management Plans I do not know.
And what about the “black” economy. A substantial amount of business is completed via cash transactions, anyone whose living has been built upon this form of tax evasion will be in trouble.
And this leads on to accountants facilitating artificial schemes aimed at frustrating the intentions of parliament. Can they continue to do this and sleep at night?
I hope not
The Post-Coronavirus Consensus must prevent this
If I could add a small contribution to your article, I would emphasise joint planning with key customers and key suppliers NOW, so that expectations as well as cash flow can be more effectively managed. Glad that you are recovering.
Agreed – good point
The time for ‘markets’ and ‘not talking’ is over