How to prepare your business for Coronavirus

Published on March 23, 2020 by Crawfords Accounting

The impact of the novel coronavirus COVID-19 – known to many people simply as Coronavirus – is still unfolding at a very rapid pace and the full extent of that impact will not be known potentially for many weeks and months.

However, preparing your business for Coronavirus as soon as you can gives you the best chance to weather this storm and continue to generate revenues despite the disruption.

In the weeks to come, Crawfords Accountants will be here to help our clients by advising on business continuity arrangements, working from home and the full range of accountancy options available to you in the current situation.


Healthcare accounting for medical workers

Many of our clients are healthcare workers. For obvious reasons, the issues that arise for frontline employees in the NHS, experts in communicable diseases and many other specialties will differ from those of the general business population.

We are here to help all of our clients, whether you need specifically healthcare accounting services or more general advice.

As the Coronavirus pandemic continues to unfold, we will endeavour to stay on top of the changing circumstances and how they may affect incomes and expenditure for healthcare professionals and those in other disciplines.

What you can do

Conditions are changing quickly on specific areas like business rates, tax deadlines and so on, and it is likely that the government will introduce further strategies in the coming weeks to help those whose finances are adversely affected by quarantining, self-isolating and social distancing.

Already there are some things you can do for your business:

· Check your business interruption insurance to see if it covers this kind of disease outbreak.

· Speak to suppliers and landlords to see if you can defer any payments if your revenues are severely impacted.

· Look for any sources of emergency funding, for example whether your business bank has announced emergency loans.

The end of the financial year is upon us and we should learn very soon if the usual regulatory requirements will be postponed, such as audits and year-end accounts.

If you have any doubts in the days to come, please contact Crawfords Accountants and as far as we are able, we will try to keep you abreast of the latest developments in terms of business continuity, finances, taxes and other areas of accounting for doctors and companies in general.

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