A new survey of accountancy firms representing small and medium sized enterprises (SMEs) has found that the majority of SMEs are very worried about the future following Covid-19.
The Corporate Finance Network (CFN) and Association of Chartered Certified Accountants (ACCA) UK SME Recovery Tracker survey spoke to accountancy firms for over 15,530 businesses, and found that anxiety about the future is widespread. 83% of these accountants stated that their clients had voiced worries about their post-pandemic situation, one third have said they are unable to sleep due to stress and one fifth have indicated they are not coping.
One of the issues causing SME owners such strain is the problem of reopening and trading while still abiding by social distancing rules, which 23% have indicated will be extremely hard. Cashflow is another major worry, with 29% of SMEs telling their accountants that they have sought better credit terms to improve this. Furthermore, 66% have already been forced to defer payment of tax liabilities to HMRC, and just 34% will be ready to pay these off inside the next six months.
CFN founder Kirsty McGregor stated that the findings of the survey showed that, although the government was doing what it could to assist SMEs, the expert support of accountants would be needed more than ever to get them through the upcoming period.
Speaking to a small business accountant in South Yorkshire or another part of the UK can help SMEs, as they can advise on cashflow solutions.