Six ways to get cash flowing during the pandemic

25 August: ICAEW Business and Management Faculty has updated its informative guide to share six practical action points finance professionals should consider to get cash flowing into businesses during the coronavirus crisis.

It’s been five months since the government announced its initial steps to try to limit the economic impact of coronavirus, including the Coronavirus Job Retention Scheme and the various business interruption loan schemes. Since then, many different types of business funding have emerged to help organisations manage their cashflow through economic hardship.

Managing cashflow is a key part of getting businesses through the current crisis. Chartered Accountants are fundamental to this process, providing an expert enabling role in the wider economy in a number of ways, including helping businesses of all sizes instil good financial management practices. To acknowledge this, the government has recently put in place grants designed to help smaller businesses recover by seeking professional advice - including guidance from accountants.

To reflect the events of the past five months and the changes to available funding, ICAEW has updated its practical guide COVID-19: Six actions for finance professionals on cash flow, providing half a dozen actions to consider to help keep the cash flowing. 

These include:

1: Managing cash outflows – including raising awareness of the importance of managing cashflow across the business. 

2: Taking professional advice – including talking to your ICAEW chartered accountant or business adviser about how to access government support.

3: Managing cash inflows – including making shrewd changes to your financial management actions and processes.

4: Accessing Government-backed support – including sign-posting to global resources on IFAC’s dedicated web area and the range of UK Government business support measures.

5: Contacting your bank or finance providers – including contacting your lender to seek forbearance, and researching the range of finance options using the Business Finance Guide.

6: Update your cashflow forecast – including refreshing your cashflow analysis and forecasting processes with hints and tips in its sister guide on processes and forecasting.

For more information or to read the full guide, click here.

ICAEW is working hard to share practical know-how with members in these unprecedented times. If you have additional questions or concerns not covered by current ICAEW guidance, please let us know by emailing the Business & Management Faculty at bam@icaew.com or by completing this form.