Covid 19 Support
One of my clients was hit particularly hard during the pandemic that we are currently going through, with work grinding to a halt and customers unable to pay overdue invoices.
My client decided to press ahead with a Coronavirus Bounce Back Loan which required financial statements to be prepared which showed the affect that the pandemic had taken on the business.
I produced management accounts for the year on a quarterly basis showing that there was steep drop off of cash flowing into the business in the period of February to April and an increase in the aged receivables balance highlighting that customers were unable to meet their obligations.
I also negotiated with customers to agree payment plans which would see them pay off their overdue balances over a period of time rather than all at once, my client saw the benefit of this as if they helped their customers to get through the tough period then they would be able to grow the business sustainably once life and work had returned to normal.
With my assistance we secured a bounce back loan which allowed the business to continue to operate and thankfully business has begun to pick up and customers are beginning to make payments on their invoices.