James Thomas, Commercial Manager at Swindon-based multi-award-winning chartered accountants, d&t reflects on the year that was 2020.
The end of the year is always a time for reflection. Often, it’s during the toughest challenges that the need for change becomes apparent and this year has certainly been one of the toughest!
We have seen many small and medium sized businesses needing extra help during the Pandemic. Much Government support has been made available. However, navigating furlough schemes, accessing Bounce Back and CBILS loans and just keeping up with all the new information and frequent changes has been difficult for small companies while trying to keep afloat and do the day job at the same time – all remotely!
Many accountants have stepped up and been proactive in offering free, timely advice to their clients. However, this hasn’t been the case for all. Where firms have needed help and it was not forthcoming, even the most loyal to their accountancy practice for many years have started to look elsewhere.
Rather than keep our partners in the dark, our goal at d&t was to shine a light on the on the most relevant information, keeping organisations informed throughout the Covid crisis. In this way we aimed to help them be in the very best position to keep trading successfully in the long-term. As always, their success is our success.
Early on, we set up a Covid dedicated area on our website which was free for anyone to access. It covered live information about the latest support available and aimed to debunk the noise and confusion around the various schemes, loans and grants. We issued monthly newsletters to our clients keeping them up to date with the latest changes, as well as authoring specialist articles on subjects such as Bounce Back loans, common Covid accountancy questions and consolidating debt.
We also helped firms with business and scenario planning, forecasting, tax planning, securing appropriate funding, restructuring, applications for research and development tax credits, plus all the other day-to-day aspects of financial management that come under the umbrella of accountancy services.
We feel we’ve been able to fill the gap left by some of the less proactive accountancy practices and as a result we have attracted new partners who are now benefiting from our locally based proactive accountancy services.
Corona has affected every aspect of our lives this year. For some businesses it’s been a struggle to survive and many will still face major hurdles for months to come. Changed customer behaviour, altered cashflow and remote working are just some of the issues which will continue to influence business in 2021 and beyond. At d&t our friendly, proactive experts understand the difficulties and are always on hand to help firms plan and put strategies in place to ensure our partners are in the best position to move forwards towards a successful future.
While you reflect on the past year, consider if it’s time for a move to more proactive accountancy services in 2021? It could be the right time to change, it could be the right time to join Team-DT…