Coronavirus (COVID-19) Business Continuity Plan

In light of the recent developments around Coronavirus (COVID-19), we would like to share with you the measures we are taking to ensure service continuity during this time.

Business continuity

We have ensured that Beancount has a business continuity plan and that staff are briefed and up to date with current government guidance.

Keeping our staff safe and our client services operating is our priority.  We are now working remotely from our home office.   We are now using Skype, phone calls and email to stay in touch.  Many of our clients have cloud-based accounting software that we can access remotely to provide support.  The data we hold on your behalf is held in the Cloud or backed-up to the Cloud regularly throughout the day.  All staff have the ability to access your records and the software packages we use, such as Taxfiler, Microsoft Office and Iris PTP Share register.

We have implemented measures to ensure our working environment is kept sanitised.  We are supporting staff and continue to update them with the latest government guidance on hygiene.

Economic support

The Bank of England’s extensive package of measures give banks the capacity to support viable businesses and ensuring that individuals are not adversely affected. The rate cut of 0.5% combined with the SME term funding scheme and reduction of the counter cyclical buffer should in combination give banks the confidence to lend to those who most need it to cope with the COVID-19 induced shock.

Additional measures announced as part of the budget mean that cash flow constraints will be eased for businesses, particularly the smallest businesses through grants, deferrals of tax payments and refunding of statutory sick pay. The government also announced the coronavirus business interruption loan scheme. Loans to SMEs of up to £1.2m will have up to 80% of losses guaranteed by the government. As with the Bank of England actions, the challenge will be ensuring that these measures reach those who need support in a timely way. ( Source ICAEW)

If you would like our support in accessing the government funds or have any questions please get in touch.  We would like to wish you, your staff and your family all the best during this challenging time.

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