Cash flow is one of the most common reasons for business failure. To put it simply, if businesses can’t collect cash from outstanding invoices fast enough and settle due creditors, they cannot continue to trade.
This issue became even more pertinent during the height of the pandemic when lockdowns and the stop-start nature of many affected industries meant that the revenues of many companies fell off a cliff, making it harder for them to pay ongoing costs. The severity of the situation was highlighted by a statistic from the British Chamber of Commerce that showed almost a third of UK businesses feared they would run out of cash within three months during the height of covid.
Due to the mainstream adoption of cloud accounting software and its real-time data automation capabilities, accountants are now in a position to introduce new advisory services to help their clients better manage their working capital and optimise their cash to support their growth goals.
In this playbook, we’ve included everything you need to get your cash flow advisory services up and running. This covers the benefits of introducing this new service line, identifying opportunities, an overview of the different types of software on the market and tips on how to sell cash flow solutions to clients for the first time.