Without doubt, your news and social media feeds have been inundated with stories around COVID-19 (Coronavirus). Whilst it has been making headlines for the past few months now, the intensity and scrutiny around the virus and its effects on everyday life have definitely increased in the past couple of weeks.
To date, we’ve been fortunate that in our part of the world, the number of people affected directly by the virus has been kept to a relatively small number compared to other parts of the world. What we do expect though, is for businesses in Australia to be impacted economically by this. A lot of you are global businesses with customers, suppliers and employees based offshore. For those in e-commerce, with suppliers in China, you are no doubt already feeling the pinch.
Despite not wanting to hit the panic button, we are seriously considering the impact that things such as market confidence, sentiment and business conditions will have on our clients’ businesses.
At Interactive Accounting, we’re taking a no-nonsense approach to this matter. The management team have been speaking on this matter regularly and keeping ourselves as informed as possible for all developments. Unfortunately we don’t have a crystal ball to look forward and see how this will all play out, but we are in a position where we can do some of the following:
Governments (both state and federal) are starting to come around to the fact that economic stimulus and support for small business is required. As we await news on what that will look like, what we recommend is taking a step back and analysing your business and cash-flow requirements. We’re here to help with this.
For all our small business clients, we will assist you in putting together a plan to get through the next 6-12 months with a global slowdown in mind. As your accountant and business advisor, we want to help you ‘hope for the best, but plan for the worst’.
I’d rather be in a position for us to look back together and smile, knowing certain actions didn’t need to be taken and that we ‘overreacted’, rather than be caught out with no plans in place for a sharp drop in revenue or increase in costs.
We can provide this irrespective of what package you’re on with us.
We value the contribution our team makes to our business and put simply, without them, there is no Interactive Accounting. As such, we’ll take all measures necessary to protect our team from any potential threats to their health and safety.
The advantage of being a cloud-only accounting practice is that should the need arise for our team to become completely remote, we can do it with minimal fuss. The only impact on your service should be switching some in-person meetings to online and utilising the tools available to keep up our high levels of communication with you.
Should we need to make this change, we’ll communicate this to you so that we’re all on the same page.
We truly hope that you and your family remain safe during this uncertain time (and stocked with appropriate levels of toilet paper and hand sanitiser). We are your partners in business and we’re here to ride out the storm with you.
Gareth & the Interactive Accounting team.