Financial MOT

As motorists book into garages next month for the first M.O.Ts due following the extensions granted during lockdown, we look at what businesses can do to ensure they have been staying healthy during a period of extensions and suspensions surrounding      everything from your car to filing your accounts.

Why prioritise financial reporting?

We understand that businesses are still fighting the battle at the front line and financial reporting requirements remain lower down the list of priorities.  

However as we start to see the financial consequences of the health crisis that has, and continues to, grip the global stage it’s important that businesses take time to reflect and prepare for what promises to be one of the toughest financial reporting cycles in recent years.

Funding support available

Last month the government announced an additional £20m grant funding for SMEs affected by the coronavirus pandemic.  This grant can be used to fund specialist professional advice to help businesses get back on track.   This gives your business a chance to obtain real value added financial support when you need it most, without adding to your cost base.

How can we help?

If you would like, or are in need of, any specialised financial support here are some of the ways we can help:

  • Conduct an MOT of your business’s financial position highlighting key areas of focus for the road ahead
  • Assist in preparing financial information in advance of statutory audits freeing your staff to work on more critical areas of the business and potentially save on compliance fees
  • Advising on the accounting treatment of financing transactions you may not have come across before (e.g. debt financing, government support, asset impairments)
  • Exploring government aid/financing options available to help support your business further

To discuss your business’s specific needs please contact us using the details below and we’ll be happy to help.

Telephone (Newcastle): 0191 224 6760

Vicky Baker

Joe Black

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