Accountants Can Play ‘Vital Role’ in Helping SMEs Handle Energy Bills Crisis
Accountancy practitioners and financial advisors can play a crucial role in helping small business bosses cope with the crisis of soaring energy bills this winter.
That’s according to Julie Corkish, the head of practice at the Institute for Chartered Accountants for England and Wales (ICAEW), who recently emphasised how valuable good financial advice might be for SMEs in the coming months.
The UK government recently announced plans to help reduce the scale of energy bills that businesses are being asked to pay by funding discounts in collaboration with gas and electricity suppliers.
Steeply rising energy bills have been battering the finances of consumers and households across the country this year but businesses too are under much the same financial pressures.
And despite the government’s recent interventions, there are still widespread concerns about what impact rising energy bills might have on the viability of businesses across industries this winter.
The Federation of Small Businesses (FSB) welcomed the government’s plan to keep energy bills for companies lower than they otherwise would be but warned there are still lots of ways in which SMEs could potentially be badly affected by the ongoing energy bills crisis.
Tina McKenzie from the FSB said in late September that the government’s plans will “give certainty for the next six months but a tough year remains ahead for many small firms”.
Given that context, from the ICAEW’s perspective, this winter could be a particularly important time for accountants and advisors to demonstrate their value and to help their clients navigate whatever financial challenges they’re faced with.
“Our members have a wealth of expertise and experience, and they will play a vital role in translating the government’s energy support package,” Ms Corkish has been quoted as saying by Accountancy Age.
“The pace and scale of economic and regulatory changes can be intimidating and a source of stress for businesses and their owners,” she added.
That potential stress and uncertainty is seen as something which accountants and advisors can help their clients overcome and cope with more confidently.
Specifically, Ms Corkish has suggested that accountants can help their clients focus on and improve their operational resilience, their cash flow management and their understanding of funding options.
