Cashflow Assistance for Professional Services Firms
We understand that during COVID-19 there have been a number of real financial implications that have unfolded for all professional services firms (including our own) and to that end we thought we would reach out and share with you some key points that we have been considering when evaluating our own practice in an effort to ensure that we all continue to steer our ships through this time with as little impact as possible.
At a glance
- We know that more than ever that the focus on cashflow over the next 6 months is paramount.
- Anticipating and understanding the effect on your business of reduced revenue is vital.
- We know there are 5 key cashflow drivers in your business: Revenue, Labour Costs, Occupancy Costs, Interest/Debt Repayments and Operating Costs.
- We know that some of these costs can be deferred, some can be reduced and some can be eliminated either permanently or for a period of time.
- What we are discovering in this process is the great “unknown” and that is of ongoing revenue and more importantly the ultimate receipt of that revenue.
- By being able to model the effects of changes to your revenue and its ultimate receipt will determine how aggressively you need to deal with the other drivers.
- We have done our modelling and made changes accordingly. Now is the time to do yours.
If you are not sure where to start or your own financial controller needs a sounding board, we are here to help with a complimentary calculator designed specifically for professional services firms that can plan for the best-and worst-case scenarios.
To download our FREE calculator, please fill out your details on the right-hand side of this page.
If you would like an obligation-free discussion with us, please reach out – we are all in this together.
To help you keep abreast of key developments as they unfold, please remember to visit our comprehensive COVID-19 Hub where you can find all the latest news, insights, support for businesses, tools and resources.
In the meantime, we will continue to share all relevant information and resources with you as a firm committed to the financial health and well-being of our people, clients and communities.