Share this content
14

Coronavirus

Client advice??

Didn't find your answer?

we have had an vast amount of emails and calls from clients today concerned about their businesses in light of coronavirus, and whats going to happen if they need to close - will they need to conitnue paying staff, lay them, what about rent of premises etc

Other than the few bits announced in the budget, I dont feel like we have info from the powers that be to provide an adequate answer to clients at present, so I've simply been honest and said that, whilst praising clients for taking the initiative to plan as much as they can now

would be interested to know what others are doing on this front?

I think it may be good to email all clients with the advice to get a contingency plan in place now, more of a checklist to check their insurance, employment contracts etc, but I'm not really sure what you'd include here?

Any suggestions, or perhaps the good people at Accountingweb could put something together that users can fire off to clients??

Replies (14)

Please login or register to join the discussion.

avatar
By claudialowe
16th Mar 2020 16:42

I've emailed all my clients with what is known as fact - SSP, SBRR grant, rates holiday and TTP - I've also said that every business will be affected to a greater or lesser extent, and to look at their outgoings to see what can be cancelled and/or postponed. I also said that if any of them wanted to chat, to give me a call. Quite a few have replied thanking me for thinking of them, a couple wanting ideas, and one wanting specific details on the business rates holiday.

Whether this was too much, too little or just about right I have no idea, but I felt I had to communicate with them in some way!

Thanks (0)
By ireallyshouldknowthisbut
16th Mar 2020 16:48

I think I have spent a big chunk of the day on "emergency planning" with clients.

I have a couple of travel clients and quite a number of holiday letters, some of whom have multiple properties are quite big businesses.

We have been mainly looking at some "what if's" around "so what if we get no bookings until September?". Its going to be grim. Anyone in leisure or tourism is in for a nasty spell. Of course ending up doing this all for nowt as the clients are up at the wall.

Thanks (0)
By JCresswellTax
16th Mar 2020 16:49

Quite simply, EVERYTHING IS [***]!

Thanks (1)
Replying to JCresswellTax:
By JCresswellTax
16th Mar 2020 16:50

JCresswellTax wrote:

Quite simply, EVERYTHING IS [***]!


*** Starts with an F, ends with a D.
Thanks (0)
Replying to JCresswellTax:
By ireallyshouldknowthisbut
16th Mar 2020 16:55

Funny, that was in essence one of the conversations I had earlier.

Put it this way, my first question was "so these loans, are they personally guaranteed?"

Which no-one ever asks unless its looking pretty dire.

Thanks (0)
avatar
By Cloudcounter
16th Mar 2020 16:52

The most important area is likely to centre on staff matters, including the need to pay them, whether they can be laid off etc. On that, my advice is to consult a HR specialist - it's too complex and risky an area for me to offer advice, although I'm willing to chat with people about generalities.

Thanks (0)
By michaelbeaver
16th Mar 2020 16:54

I've fielded a few panicked calls from clients, not so much worried about their staffing, but more worried about revenue drying up, projects cancelled, etc.

Once I calm them down I just tell them to do good old fashioned budgeting. Work out what their revenue was going to be for the next 12 months. Then estimate what they now think that revenue might look like. Compare that against their current cost base and see what the gap is.

THEN work on what costs can be trimmed, deferred, eliminated to see how big that gap is.

Not much else we can advise on really!

Thanks (0)
blue sheep
By NH
16th Mar 2020 16:55

I emailed clients after the budget regarding SSP, Rates, TTP etc but for the moment I do not see the point in sending them yet another email having been bombarded myself with the same type of email from many different sources.
I have some specific types of clients that I know will be badly effected and I will call them this week but as the situation is changing each day I really don't want to spend a day going through possible scenarios that may or may not happen.

Thanks (0)
Hallerud at Easter
By DJKL
16th Mar 2020 17:02

Received this which although not particularly covering the financial aspects does outline some of the responsibilities a business owner possibly ought to address/consider; I am sure Dentons will not mind my supplying a link.

https://www.dentons.com/en/insights/articles/2020/march/12/covid-19-guid...

Thanks (0)
My photo
By Matrix
16th Mar 2020 17:05

Per above I think there is only so much an accountant can do to help.

I have sent a summary of the budget and the bulletin below. I have not had any calls or emails from clients. It has been very quiet.

https://www.gov.uk/government/news/coronavirus-covid-19-guidance-for-emp...

Thanks (0)
avatar
By AnnAccountant
16th Mar 2020 17:16

Issue invoices for fees frequently and collect them. That would be my advice - for practices. Advice for clients, others can help with.

Thanks (0)
My photo
By Matrix
16th Mar 2020 17:38

“Nobody should be penalised for doing the right thing.”

Boris just now as a reply to how will families cope with no income if both parents forced to self isolate.

Thanks (1)
Jennifer Adams
By Jennifer Adams
16th Mar 2020 18:27

You must have missed my article on this very subject..loaded today.

Title: Corona virus - helping clients through the crisis

https://www.accountingweb.co.uk/practice/practice-strategy/covid-19-help...

Thanks (1)
Replying to Jennifer Adams:
blue sheep
By NH
16th Mar 2020 18:41

Jennifer with all due respect to yourself and I am sure your article is very interesting but I have long given up reading anything other than Any Answers on this site as pretty much everything else is either drivel, advertising or condescending nonsense.
I can only assume judging by the paltry numbers of comments on such articles that others feel the same

Thanks (1)
Share this content