ARE YOU PREPARED?
As we all face the future uncertainty of the health and financial impact of COVID-19 we have taken the opportunity to provide some guidance on how you can best prepare financially.
- Review your cash flow forecast and budgets and prepare a worst case scenario out until 31 December. This includes slashing your sales forecasts, understanding your breakeven point and monthly commitments.
- Keep your figures up to date and look at them regularly. For those who haven’t taken the opportunity to understand their Profit and Loss or Balance Sheet now is the time to learn.
- Know your business shutdown costs, these are the liabilities you will incur if you had to close the doors. Things like employee entitlements, superannuation, ATO liabilities and creditors.
- Make sure your tax lodgements are up to date to access any government stimulus available. If you haven’t lodged Activity Statements or Payroll Tax Returns (if required) then you may lose out on the current grants available.
- Delay taking dividends if your business is profitable.
- Reduce owners wages/drawings to the absolute minimum
- Reduce discretionary spending.
- Consider banking facilities and extending these facilities where possible. Banks may be willing to defer repayments.
- If you are struggling to pay creditors. Speak to your landlords and suppliers and enter into arrangements with them. Ignoring these people will not help at this time.
- Consider employee working arrangements as everyone needs to be flexible, things will return to normal in time.
- Be a strong leader. Act early and make clear and informed decisions. Remain positive!!
There is no doubt that the economic fallout from COVID-19 will impact every single Australian business, we are in uncharted waters and some will not survive. It is quite clear that the government and financial institutions are willing to help but you still need to operate with a clear mind and make sensible decisions. Company directors have obligations and if you don’t comply you will find yourselves personally liable for the company’s obligations.
Optima Partners are available to help with the above so please call.
If you are concerned about Accounting fees we have facilities in place whereby you can pay your fee over a period of time using Quickfee. Any interest and fees are tax deductible. Remember that we are facing the same challenges as you
OPTIMA PARTNERS ARE PREPARED
We can work from anywhere
- The team at Optima Partners has the ability to work remotely to ensure continuity of service.
- At Optima Partners we take our responsibility for the health and safety of our staff, clients and visitors seriously. After reviewing the advice of various health authorities, Optima Partners have established the following guidelines for clients and visitors attending any of our offices or our staff attending your office.
- We confirm that none of our staff members or their immediate family have recently returned from any international travel since 19 February 2020.
- All staff have been issued with our policy advising them what to do in the event they come into direct contact with a person confirmed to have COVID-19.
- Optima Partners has a Business Continuity Management (BCM) policy to reduce the potential impact on client work.
Clients & Visitors
- If you have travelled from or transited through any international location in the last 14 days, we ask that you advise Optima Partners and set up a tele-conference or alternatively delay your meeting for 14 days.
- Optima Partners will be providing hand sanitisers and wipes (where available) to promote a healthy workplace and we encourage clients and visitors to adhere to normal handwashing and hygiene practices.
- If you are feeling unwell, we would appreciate you contacting us to reschedule your appointment.
The importance of Health and Safety for our Staff
- Optima Partners requests our clients take their own measures to respond to the COVID-19.
- If any of our staff visit your offices and are concerned you are not taking reasonable and practical steps to proactively prevent the spread of COVID-19 so far as you are able, we have directed our staff to speak with our Business Manager immediately.
Please contact us on 08 6267 2200 if you have any questions regarding the above.
Phil, Enrico & Ross