The spread of Covid-19 and the consequent lockdowns by governments across the world have disrupted businesses globally. While some sectors – most notably healthcare and logistics – continue to be in high demand, most other sectors are seeing a major slump in demand and output.
In this climate, when some business need to strive to perform well amidst difficult circumstances and others need to hunker down and ride the storm out, CFOs and Finance Departments have a major role to play. Cash flow woes are impacting business across the spectrum, and finance leaders are often playing a crucial role in guiding their organisations through this crisis.
However, not all businesses have been able to implement work from home in time. Many businesses are facing a shortage of accounting staff or need more staff to rapidly undertake new accounting activities. At a time when CFOs and finance leaders are taking a close look at costs, assessing the viability of financing options, applying for government-supported funding, and revisiting capital investment plans, the finance & accounting teams have a lot of fresh tasks on their plate.
At the same time, the accounting teams are busy with day-to-day activities like payables, receivables, management accounting, bookkeeping, credit control and more. The lack of adequate staff can often delay actions and create bottlenecks, making it harder for finance leaders to accomplish their target.
At QX, we have a large pool of trained and experienced payroll and accounting professionals, working for UK businesses. If your organisation is facing a staffing shortage, we can offer you professional and reliable support for short term and long term project in the below areas.
Accounts payable support
Your accounts payable function has a major impact on your cash flow and that AP team plays a critical role in maintaining good terms with your suppliers. We can support your needs by providing you with experience AP staff, and helping you standardise, optimise and automate your process. We have enabled our clients to uncover new areas of costs savings, improve compliance and gain higher visibility on their financial liabilities. Our accounts payable services include:
- Supplier set-up and maintenance
- Purchase order processing
- Invoice and payment processing
- Expense claim processing
- Supplier statement reconciliation
- Helpdesk support
Financial reporting support
Owing the pandemic, the financial reporting requirements of most businesses have risen. CFOs and FDs are taking a closer look at finances and preparing applications to receive funding from government schemes. All this requires a lot of work at the ground level. QX can help you with a range of management accounting services, including:
- Management accounts
- Commentary and variance analysis
- KPI reporting
- Decision and planning support
- VAT and regulatory reporting
In addition, we can also help you prepare the documentation you may require to apply for the UK Government’s Covid-19 schemes like CBILS (Coronavirus Business Interruption Loan) and Coronavirus Job Retention Scheme (CJRS).
Credit control support
Cash is king, and maintaining cash flow is critical to the survival of your business in today’s climate. QX can help you augment your team with experienced credit control staff, or we can manage the entire function for you, supporting your efforts to optimise cash flow and avoid bad debts.
We work with our client to understand their approach to credit control and determine a chasing plan, with clear rules for credit limit and frequency of reminders through dunning letters, emails, fax and calls. Our credit control services include:
- Payment chasing and query resolution
- Cash posting and allocation
- Ageing report with comments
- Customer account reconciliation
- Liaise with legal compliance department
- Bad debts reports
Access professional and reliable accounting support today
If you need qualified and experienced accountants or payroll experts to augment your team for a short term or a long term project, please get in touch with us. We are the finance and accounts outsourcing partner of choice for a number of leading mid-to-large UK enterprises and can provide your business with the reliable support it needs in a time like this.