Your country needs you - will you save UK plc?
That’s the headline on our front page this week because we wanted to illustrate the significance of accountants at this difficult time for the economy.
Business recovery expert Neville Kahn has already demonstrated the importance
of his expertise by helping build a model that should restore a number of
structured investment vehicles to health.
This week’s Accountancy Age also emphasises how auditors are working with
boards to ensure they understand the issues around being a going concern and the
judgement required to reach valuations that have integrity.
In another piece we emphasise the role of accountants, described as ‘one of
the most trusted sources of advice for small business’, in aiding SMEs to
survive.
Accountants will play a critical role in businesses being able to survive the
downturn and recession if it follows. They have the key skills and foresight to
help with financial management issues that could mean the difference between
survival and demise for Britain’s businesses.
Whether it’s making transparent the exact position of a business, facing
tough decisions over cost savings or working out cash flows and working capital,
accountants will be in the thick of it as the economy worsens.
Accountants will add value by making sure their clients face these issues and
avoid prevarication. There’s no point in having trusted advisers if you don’t
use them. The skills and the knowledge base is there and available. But it needs
to be used and that requires a will.
The challenge accountants face, in spite of the downturn, is making sure
their advice is sought. There’s no point in being a trusted adviser unless you
are willing to take the lead.