ICAEW West of England members supporting SMEs in the region

The West of England Combined Authority (WECA) has launched a new accountancy support programme to help small businesses become more financially resilient helping to kick-start the regional economy following the coronavirus outbreak.

The programme, delivered in partnership with the Institute of Chartered Accountants in England and Wales (ICAEW), will provide small businesses with up to one full day of hands-on support from a chartered accountant. In return, businesses will receive a financial diagnostic, as well as bespoke advice and guidance on effective financial management.

The programme also aims to enable growth and boost the productivity of small businesses, helping them to adopt new tools and processes.

The programme will help businesses:

• Better understand their financial position and assess how they could strengthen their financial resilience, for example analysis of their balance sheet, profit and loss and cashflow with guidance as to where there are areas for investigation or resolution.
• Understand how they could benefit from new financial management processes and best practice, for example improving financial reporting and forecasting, data management and controls.
• Access a network of expert financial support from ICAEW.
• Understand how businesses will benefit in the future from support of a chartered accountant

Jon Brown, President, ICAEW West of England, said:

“As the UK moves into a crucial phase of economic recovery, it has never been more important for small businesses to have the right tools in place to survive and thrive in the future. This partnership with WECA will give small firms in the West of England access to our talented pool of chartered accountants, and we look forward to helping them navigate this challenging period.”

The business support programme is part of WECA’s wider economic development activity, which includes sector-specific business support, skills and employment initiatives.

ICAEW Members who are interested in participating in the scheme should contact Karen Evans on karen.evans@icaew.com.

Businesses interested in participating in the Accountancy Support Programme should contact the West of England Growth Hub for further information:

• www.wearegrowth.co.uk
• wearegrowth@westofengland-ca.gov.uk