More than half (54%) of accountants have said cashflow forecasting has become the number one priority for SME clients following the impact of the coronavirus.
Cashflow accounting is now high priority than business planning, credit control and bookkeeping, according to research from Fluidly, a cashflow software developer.
‘Future of Cashflow’ is a survey comprised of responses from more than 200 accountancy firms.
It claims that prior to the coronavirus pandemic, cashflow management was often regarded by clients, but now it is a core aspect.
Of respondents, 55% said they plan to permanently change the way they offer cashflow services and 80% believe the pandemic will continue to impact their service offering for at least the next six months.
Furthermore, 54% will of firms believe their cashflow services have been heavily impacted since lockdown began, followed by business planning (16.5%), practice management (14.4%), and bookkeeping (8%). The least affected were credit control (4.3%) and tax and compliance (3.2%).
Fluidly founder and CEO Caroline Plumb OBE said, “Since COVID-19 we have seen accountants are now embedding cashflow forecasting and management as part of their onboarding offering. This is being deployed on a monthly basis. We’ve certainly seen this trend among existing clients, with an increase in businesses using Fluidly’s Goal Planner tool to plan for surviving a shortfall.
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