Date posted: 30/07/2020

Webinars help members understand post-COVID world

These three, one-hour webinars cover how thought-leading accountants and finance teams are responding to the post COVID-19 world.

In Brief

  • Delegates will be better equipped to advise their clients through COVID-19 business restarts
  • Gather an appropriate plan for the reboot and 'the other side’'
  • Identify COVID-19 legacy issues

One of the most difficult aspects of the COVID-19 pandemic for everyone, including big and small businesses, has been uncertainty.

How long will the virus pervade our community, how much and how long will it affect the economy, when will the government aid stop, and what are the prospects for recovery?

Accountants have a huge responsibility to advise business clients on how to survive – and possibly thrive – once the drama, fear and uncertainty of this unparalleled time have passed. To do this, they need new insights and skills.

To help members address the complexities of this unpredictable situation, Chartered Accountants Australia and New Zealand is hosting a series of three, one-hour webinars developed in partnership with BDO Australia.

The sessions cover what can be learnt from the lockdown, rebooting a business when the pandemic is over, and the options, risks and other factors your client needs to consider when restructuring.

Session 1

The first session helps accountants analyse whether a client can continue in business, should keep hibernating until the crisis is over, or has no choice but to close.

It examines what reserves the business might have, how strong or weak the balance sheet is, how much capital would be needed to rebuild, whether it is worth using the good bank versus bad bank structure, and whether there are opportunities for new openings and markets.

Tax, supply chain, productivity and industry and government assistance programs are also included.

Session 2

The second webinar covers the reboot period, including how to measure and monitor the process, the funds needed, and what happens when industry and government concessions such as the JobKeeper program run out, as they most likely will eventually.

It will help you guide your clients' decisions about where they might take their business and the risks involved.

A significant issue at this stage of a recovery or restructure is dealing with liabilities accrued and deferred during the lockdown. This webinar looks at that and at forward orders, supplier and staff management, and tax issues.

Session 3

The third session focuses on assessing the risks for advisers, family assets and directors and the business's potential exposure when the six-month suspension of insolvent trading laws expires.

It advises on negotiating with banks, the tax office, landlords, creditors and suppliers. The good bank versus bad bank may turn out to be inevitable for some enterprises. Crucially, the session also examines what to do when the plan is not working.

Accountants need enhanced skills to help their clients through the issues they are facing during the pandemic and will confront when the crisis is in decline and finally at an end. But even then, the problems will be far from over.

These sessions will help you to guide your clients to identify the potential hazards they will confront 'on the other side'. The series counts up to three hours towards your CPD.