This panel session focuses on the current challenges facing small and mid-sized practices across the island, as well as those faced by their clients, as a result of COVID-19. Topics include cash flow, loan repayments, interactions with banks, the Revenue/HMRC and other regulators. As well as the two Governments Employee and Business Support Schemes and further supports required, accounting and auditing challenges, managing staff and plans going forwar…
Course Overview
Practice Issues
- Closure of offices and working from the office in a limited manner
- Workload over recent weeks, including what clients asking for assistance with, how are practices managing admin staff/junior staff/trainees and is there sufficient work for them, problems being encountered with remote working, solutions/tips
- Which software applications are proving particularly useful at present (e.g. Microsoft Teams, Zoom)
- Supports that your institute is offering you in the crisis.
- What more help is required from the Government, Institute etc
- Future plans for the coming weeks
Client Issues
- How are the Government Employee and Business Support Schemes going?
- Cash forecasting and collection for firms and clients
- Advice being provided to clients who have difficulties with loan repayments and consideration of whether the banks being accommodating at this time with overdrafts, loan extensions, bridging finance
- Advising clients who are facing serious financial difficulties
- What has been the experience of dealing with Revenue, Other Regulators
- Accounting issues emerging, such as going concern
- Audit issues faced, such as non-accessibility of clients’ premises and gathering evidence
Key Learning Outcomes
By the end of this course, participants will be able to:
- Be better equipped to manage their practice in the coming weeks
- Appreciate the key issues impacting clients with insights into how to best support clients