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2. Review your business culture

The pandemic has been incredibly tough for everyone and we have all reacted differently to the challenges we have faced. We must appreciate that not everybody returning to work will be able to hit the ground running. Business owners should use this opportunity to reconnect with their staff and take time to understand their individual requirements which work for both the individual and the business needs.

3. Legal and compliance

The return to work from furlough, changes to working conditions (i.e. introduction of flexible working policies) and the possibility that some staff may unfortunately be made redundant, presents a number of potential compliance hurdles for many business owners. We recommend that small business owners familiarise themselves with the latest information concerning employment law and take advice from professionals where matters are complex.

As always, it is important to engage with your Auditors early and to understand what information they would need to be in a position to sign off their Auditors report. Early discussion and talking to your Auditor about market trends will help you to produce forecasts which are considered to be “best practice”. This will

Early discussion and talking to your Auditor about market trends will help you to produce forecasts which are considered to be “best practice”.

not only lead to a better understanding of your business, but will support you in reaching the right conclusion in respect of going concern for your year-end financial statements.

We are working closely with many of our clients using software such as Futrli to provide business owners with the insights they need to help predict the future of their business. If you would like to hear more about how we can help you manage your cash flow, help with your Going Concern assessment and navigate these uncertain times please do get in touch.

Contact Ryan Moore for more information by emailing ryan.moore@randall-payne.co.uk or call 01242 776000. An audit should be more than just endorsing the numbers or backing up last year’s results. For us, it’s about reading between the lines, noticing the big achievements and the small wins. It’s about highlighting the upturns, the downturns and the areas for improvements. It’s about seeing the patterns and the progress and ensuring transparency’s in place, so others do too. We have the vision to see things differently.