Outsourcing Services: Business finance support during COVID-19
During the COVID-19 pandemic, businesses will be under extreme pressure to efficiently run some essential financial functions. This may be due to staff absences, inefficient remote working practices or cash flow concerns, to name but a few.
MHA Henderson Loggie can provide temporary support to relieve such pressures and deliver finance functions which may have previously been done in house or with another adviser. Below are the services that we can help with to relieve the burden during this time.
Finance function support secondment
The finance function of any business is key, and it is essential to ensure compliance needs are met, and deadlines are adhered to. As such, our specialists can perform duties on a temporary basis on behalf of staff who may be unavailable. Such roles include:
- Management accountant
- Financial accountant
We can assist with a range of duties usually performed by such individuals in an efficient and cost-effective manner.
Management accounts are an essential business function which allows you to make informed decisions, by providing crucial financial and statistical information, in a regular and timely manner. We can assist you in setting up these processes or preparing the information for you.
Cash flow forecasts and projections
As we are all unsure how long the COVID-19 pandemic will continue for, it is essential that all businesses assess cash flow immediately and understand how much is required to survive. Many businesses will require additional funding requirements both in the short-term and longer-term. Our specialist Corporate Finance team can assist with:
- Cash flow forecasts including sensitivity analysis
- Financial modelling
- Grant/funding applications
VAT advice and Time to Pay support
There are several areas which can be assessed immediately in order to minimise business interruption and maximise your working capital, including reclaiming VAT and the newly introduced deferral of VAT payments for 3 months. Getting Time to Pay can hinge on the presentation of information, gathering suitable evidence and negotiation skills; we can support you when approaching HMRC and help you when considering the wider impacts and implications of Time to Pay. Our team can also assist with VAT return preparation and submission.
We can assist with the changes required in the payroll function regarding furlough leave, under the Coronavirus Job Retention Scheme, as well as assisting you with running your payroll if some of your key staff members are unavailable to do so.
We are also able to prepare your statutory accounts and other year-end related services, including:
- Preparing statutory accounts
- Corporation tax computations
- iXBRL tagging
- R&D claims
We have devised a useful Business Healthcheck Questionnaire to help you identify areas where short term planning and changes may be required due to the impact of COVID-19. This looks at various areas including cashflow management and tax issues.
For further information about how our specialist teams can assist you, please contact us by completing the form below.