Challenges for Businesses
Business Advisory Services Updates
There are still plenty of challenges confronting SMEs of which accountants need to be aware - assisting clients to develop strategies to overcome challenges is part of the broader range of services incorporated within “Business Advisory Services”.
Some experts are predicting that debtors' days outstanding could blow out considerably over the next few months. This is a very dangerous situation for SMEs. You can assist by advising clients about the benefits of ensuring that new customers are well aware of your client’s trading terms and that your client's team is implementing their debtors' management system diligently from the first transaction with a new client through to the prompt dispatch of invoices and statements at the end of the month.
Knowing their “Debtors' Days Outstanding” is a crucial Key Performance Indicator for every business.
In summary, 2021 will not be business as usual. It will present some significant opportunities for accountants to offer a broader range of services to SMEs.
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