Added 16 September 2020
Early experimental data on the impact of the coronavirus (COVID-19) on the UK economy and society show that:
– Over half (54%) of businesses that had not permanently ceased trading said they were owed outstanding invoice payments as a result of the pandemic.
– Less than half of all businesses had cash reserves to last six months.
– On 23 August 11% of the entire UK workforce were furloughed.
– There was a continuing trend of reduced home working according to the latest Opinions and Lifestyle Survey (OPN), with 20% of working adults exclusively working from home.
– Between 21 and 28 August, total online job adverts remained around 55% of their 2019 average for a fourth consecutive week.
– In the week commencing 24 August, overall footfall increased to over three-quarters of its value the same day a year ago for the first time since lockdown began.
Note: the Business Impact of COVID-19 Survey (BICS) is voluntary and currently unweighted, so it may only reflect the characteristics of those who responded. Results presented are experimental.
Please talk to us about using digital bookkeeping to automate invoicing and collection. We are Cloud Accounting specialists and we can help you move your business into the Digital era – essential in the new working from home environment.
It is very clear from the survey that cash flow planning is absolutely necessary right now and we can help you plan forward and make better business decisions.
We have some great planning tools – get in touch for more information.