COVID-19: Dains Webinar Provides Crucial Covid-19 Cash Flow Advice For Businesses
Dains Accountants has highlighted the importance of good cash flow forecasting in a webinar for businesses to help them overcome the financial impact of COVID-19.
Dated: 07 April 2020 Author: Richard McNeilly, Managing Partner
In the webinar, Managing Partner Richard McNeilly addresses some of the key monetary issues that businesses often overlook when it comes to applying for additional funding.
The online broadcast is relevant for firms of different sizes, whether they are £1m or £100m turnover businesses.
It places particular emphasis on the cash headroom which businesses need to safeguard their futures following an unprecedented crisis situation.
Richard has over 30 years of experience in the banking and accountancy world and worked closely with many businesses through the last recession.
In the webinar, he draws on his expertise to show how effective cash flow forecasting can be the difference between a business succeeding or failing when a situation like COVID-19 has subsided.
He uses a business case study to demonstrate how a fall in turnover, customers paying invoices slower due to the crisis and paying suppliers quicker can all lead to the need for extra financial headroom.
For certain businesses, depending on their cash flow forecasting and predictive modelling, they may be granted a short-term overdraft by lenders or could take advantage of the Government’s Job Retention Scheme to help see them through the crisis.
However, other businesses may require a loan over a 12 month period until stability is restored.
Richard said: “Our advice is to forecast cash flow and not just profit which so many businesses do.
“Having cash headroom gives businesses the extra wriggle room at a time when they most need it.
“It’s important that businesses consider as many of the what ‘if’s’ as possible when it comes to applying for additional funding and raise finance based on what they really need rather than what they think the bank will lend.”
Dains is working closely with clients and businesses to support them through this difficult period and uncertain economic climate.
Richard added: “Cash is king and without it businesses could be at serious risk. It can help businesses to reorganise and restructure and adapt to market conditions.
“We can support businesses with good quality cash flow forecasting, help them apply for the appropriate level of funding and ensure applications are right first time.”
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