Many businesses are finding themselves navigating an unprecedented economic situation in the UK as a result of the Covid-19 pandemic.
As a recent article from the Institute of Chartered Accountants in England and Wales (ICAEW) recently explained, accountants could be essential to help those in various sectors, including hospitality, to bounce back from the economic shocks of recent months.
Lead partner for hospitality and leisure in the UK at Deloitte Andreas Scriven said that many in the industry are expecting it to take two years to recover. He also explained that the focus among the majority of hospitality businesses is on ensuring their liquidity and cash management in the short term.
CEO of HOSPA Jane Pendlebury told the organisation that support from accountants, particularly in relation to cash flow forecasting, will be vital to helping many in the sector survive.
“Around 90 per cent of hospitality sector businesses are SMEs and many of them will adapt,” she stated. However, she also pointed out that some have already decided to cut their losses and close.
Catherine Kelly, partner at Cooper Parry, told the organisation that she’s also noticed that a growing number of hospitality companies are exploring “tax as a means to maximise relief”, for example.
We recently shared some advice on how to manage the finances of your small business, regardless of what sector you operate in, with keeping on top of your paperwork and planning for large business expenses among the recommendations.
If your hospitality business is struggling and you would benefit from the support of accountants in Buckinghamshire, get in touch with us today.