ACCA publishes survey on business impacts of corona
ACCA, one of Accountancy Europe’s member bodies, has published a new survey of finance professionals that gives an indication of the business impacts of COVID.
The survey, which gathered input of over 10,000 participants from over 100 countries, notably found that the operation value chain is dramatically affected, leading to a significant number of respondents to see a fall in customer demand, major supply chain disruptions, deferred launches of new products and services, and capital investment plans being put on hold. Almost 40% of respondents are already experiencing cash-flow issues – a particularly difficult challenge for SMEs. Read more
SMB Group study identifies types of SMEs most affected by COVID crisis
New data published by SMB Group and based on a survey of over 500 SMEs provides an overview of the impact that the COVID crisis is having on SMEs in different sectors.
The data demonstrates that COVID impact varies by type of business, with three categories most affected: personal service, hospitality and retail. The smaller the company, the harder it is hit, with companies with less than 20 employees most affected. This is because a small business with less than 20 employees typically lacks cash flow and capital. Those companies were the first to reduce hours for employees or lay off employees. Those businesses were also the first to stop hiring subcontractors. Read more
ESMA launches public consultation on SME Growth Markets
The European Securities and Markets Authority (ESMA) has published a public consultation on the functioning of SME Growth Market regime in the EU. It is seeking stakeholders’ views on one draft technical standard on liquidity contracts and one on the insider list for SME Growth Markets issuers which aim to alleviate the administrative burdens of trading on public markets for SMEs, while at the same time safeguarding market integrity.
The deadline to provide input to the consultation is 15 July. Read more
IFAC offers plan for transforming small practices amid coronavirus
The International Federation of Accountants (IFAC) – of which Accountancy Europe is the European regional network partner – has published an action plan for transforming small accountancy practices amid the COVID crisis.
The document points out how COVID is accelerating the adoption of technology for many firms whose employees are now operating remotely through flexible work arrangements. The unprecedented situation is giving accounting practitioners significant opportunities to adapt and provide services in a quickly changing economic environment, IFAC underlines. Accountants are in the best spot to offer clients with an array of services to help them cope with these difficult and uncertain times. Read more
IFAC publishes Small Business Continuity Checklist amid covid crisis
The International Federation of Accountants (IFAC) has also published a business continuity checklist aimed for SMEs. The Checklist is a diagnostic tool to help SMEs and their accountants navigate times of disruption, covering in particular two key areas: Financial Management Tasks and Strategic Management Tasks. Read more
Survey: SMEs satisfied with services of their accountants and see them as trusted advisors
According to a survey conducted by OnPay, 61% of SMEs are completely satisfied with the range of services their accountant offers, and a majority of them would call their account a ‘trusted advisor’.
The survey also shows that payroll, accounts payable/accounts receivable, financial projections, cash flow, choosing a business entity, and business consulting are key functions SME owners want from their accountants. A significant number of SMEs also expect their accountant to provide advice on software recommendations, employee benefits, and HR. 83% of SME owners ask their accountant for technology advice.
The survey comes at a time where SMEs, struggling with COVID and business survival, are in need of all the support and advice they can. To support these efforts, Accountancy Europe recently published guidance for its small practitioner members to help them support their SME clients. Read more