New data released today by Chartered Accountants Ireland shows that liquidity and cashflow are key concerns for one third of businesses in a post-Covid economy.
The research comes from almost 2,000 members surveyed by the Institute on the island of Ireland. One in four called for changes to company law to give businesses greater flexibility to navigate unprecedented circumstances like a pandemic
Furthermore, almost half of those working in practice called for greater leniency on filing deadlines, interest and penalties Accountants are calling for longer term business supports post-Covid and the use of VAT rate decreases as short-term stimulus were raised by 28% of members, rising to 39% of those in practice.
Remote working has been one of the most visible signs of change since March. Many workers are now trusted to work productively from home where possible; and it is now acceptable to hold significant business meetings online.
Chartered Accountants Ireland has called for the momentum to be maintained by increased support for the education and adoption of digital competencies across the business community through increased grant-funded programmes.
Speaking this week, Director of Public Policy at Chartered Accountants Ireland, Dr Brian Keegan said, "SMEs are fighting to stay afloat and post-pandemic, many will reimagine how they function or will pivot into new activities. Supports are currently based on the way that business has always been done, but with this changing, “The Next Financial Year” outlines a simplified, more flexible approach. Now is not the time to rely on dogged and uncommercial approaches. Government policy must be focussed on providing maximum support and flexibility to businesses."