The year of recovery Help your clients thrive 2021 - Accountex
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
2021
The year of recovery
Help your clients thrive
© 2021 The Sage Group plc, or its licensors. All rights reserved.
Agenda
COVID-19 recovery - Mitigating the looming cashflow crisis
2021 - fertile ground for new business opportunities
Supporting start up clients
MTD for income tax and the benefits of digitisation
Q&A’s
3/17/2021 © 2021 The Sage Group plc, or its licensors. All rights reserved. 2
Introductions
Glenn Collins Sinead McHale Chris Downing
Head of Advisory CEO Director for Accountants
ACCA Satago Sage
3/17/2021 © 2021 The Sage Group plc, or its licensors. All rights reserved. 3
COVID-19 | the cashflow crisis
Debt Profit Jobs Disparity
Half of SMEs have taken Half of SMEs that were Once furlough and other The revenue hit for
out some form of Covid- profitable before the support packages end, female-owned SMEs
19 related loan, leaving pandemic are not two-thirds of SMEs has been higher than
an average additional currently profitable, predict negative for male-owned SMEs
debt burden of £173K whilst a redundancy consequences such as (-23% in 2021 and -46%
per year once ‘time-bomb’ is on the cutting future hiring over the last year for
repayment begins - only horizon plans or cutting the women; compared to -
63% are confident in hours of some 17% in 2021 and -34% in
their ability to repay employees. the last year for men)
How would you 5%
However, there is optimism about a 8% It was profitable before and is still profitable
2021 recovery. Despite continuing to describe your
take a huge hit, SMEs are largely business’ 44% It was profitable before and is not profitable now
confident that their business will
profitability before It wasn’t profitable before and is now profitable
continue trading throughout 2021, and
most expect to recover in the next year. the pandemic, and 43% It wasn’t profitable before and still isn’t profitable
currently?
Source: Sage research in partnership with the Portland Communications “Breathing Room Tracker” Feb 2021
3/18/2021 © 2021 The Sage Group plc, or its licensors. All rights reserved. 4
2021 New business opportunities
Identify Get ready for Adapt with Save funds,
priorities the new normal changing situation manage expenses
Make
yourself
vital at
every
step
Survival Recovery Growth Resilience
3/18/2021 © 2021 The Sage Group plc, or its licensors. All rights reserved. 5
Supporting start up clients
Many people may want to be able to start a business [If more efficient for the long term] Why are you
now. Which of the following would be most helpful to more efficient for the long-term? Please select the
get started… top three reasons.
Government start-up loan 36% Having to work smarter due to the
60%
lockdown restrictions
Free training on accountancy, time- Automating processes as a result of
28% 34%
keeping and business admin the lockdown restrictions
Access to mentors 18% Greater remote working 33%
Reduced staff costs 23%
Guidance on understanding tax e.g. VAT 14%
Development and sales of new
19%
Guidance on export products/services
4%
Selling our products/service through
18%
new channels
Businesses feel they have had to work smarter during the
Increased trade with non-UK markets 15%
lockdown, making them more efficient in the long term
None of the above 1%
The role of the finance professional has never been so
critical to the success and supporting the entrepreneurial
spirit of small enterprise
Source: Sage research in partnership with the Portland Communications “Breathing Room Tracker” Feb 2021
3/18/2021 © 2021 The Sage Group plc, or its licensors. All rights reserved. 6
Debt Management
Know your Follow Digital Audit Systemise Automate
customer Procedures Payments Trail
Business Do not deviate Can your Clear audit trail Are you using a Concentrate on
intelligence aids from the customers pay from order to credit control tool? growing your
growth and operations plan. easily and invoice and Is outstanding debt business and
mitigates risk Agree terms, digitally? communications information easily automate cash
gain approval accessible? collection where
possible
3/17/2021 © 2021 The Sage Group plc or its licensors. All rights reserved. 7
MTD for Income Tax | Your digital DNA
Productivity Performance Profitability
Automation Bookkeeping Compliance
Effort and Cost Accuracy Client Experience
No manual Real-time Pre-emptive Better value Personal
data entry relationships support fees well being
© 2021 The Sage Group plc or its licensors. All rights reserved. 8
Questions from the
audience
3/18/2021 © 2021 The Sage Group plc, or its licensors. All rights reserved. 9© 2021 The Sage Group plc, or its licensors. All rights reserved.
You can also read
