Daren Moore, The TaxAssist Group Commercial Director, said: "We’ve invested many extra hours supporting clients to ensure they are making the most of the Government support packages that were put in place over the last 3-4 months and now we’ve moved on to planning the next 6-12 months to support growth and to ensure they remain in business."
The company has been in regular contact with its bank and has found them very supportive throughout COVID-19. Daren commented: "the more up to date your bank is with your financials then we tend to find the more supportive they can be".
While TaxAssist hasn't taken a CBILS loan itself, many of their franchisees' clients have found them vital and the Business Bounce Back Loans proved to be very popular to keep businesses going.
Daren said: "Most of our team remained working long hours to support our franchisees and their clients and communicate regularly over what has been quite a stressful time for business owners. We processed around £10m in furlough claims in April alone so the scheme was heavily used by employers which has proven this to be a vital scheme".
On the subject of lockdown restrictions easing and businesses being able to start operating normally again, Daren said: "The measures are more feasible now for smaller businesses with the one-metre plus rule in place. Business owners are resilient and will always find a way to trade. Our accountants have been able to meet clients over video meetings and use cloud accounting tools in order to continue working with them, so they've remained agile through the lockdown."
Daren added that TaxAssist Accountants has embraced technology that has made ‘face-to-face’ business meetings possible during recent months. In answer to the question: Do you think what has happened will change the way you operate going forward?, he replied: "Yes we feel our network will continue to offer video appointments with clients as the technology allows our accountants to present financial information easily and some will still be or feel vulnerable and may prefer that option which we’re very happy to provide.
"Some businesses will have been damaged by the COVID-19 crisis and we hope they are able to get back on their feet as lockdown has lifted now. The next 6-12 months will show us the true damage this has caused. Equally, many see opportunity and there have been record growth figures in newly formed E-commerce businesses during lockdown so a start-up boom is well under way."
Daren Moore FCCA, was interviewed by FA Simms in July 2020 as part of a series of interviews they have been holding since the beginning of the COVID-19 pandemic, with the aim of sharing advice and guidance with others. The original interview can be found here.