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Perspective:
Perspective
11 Mar 2020
5 minute read

Implement cash conservation and recovery actions

Business continuity & financing | Respond: Prepare for and manage continuity

Working capital solutions for businesses with urgent cash needs

Liquidity under pressure

The revenue lost by businesses during the COVID-19 crisis represents a permanent loss and is putting sudden, unanticipated pressure on liquidity. Many businesses across a multitude of sectors are finding that they need to approach their suppliers, customers, and financiers to arrange short term solutions to support their cash flows. This article identifies why companies may experience cash flow issues and what actions they can take to address short term working capital requirements.

Topics addressed in this article:

  • The impact of the COVID-19 crisis on businesses’ cash and working capital
  • Cash flow forecasting and steps to take to ensure robust cash management
  • Levers to release pressure from working capital

Working capital solutions for businesses with urgent cash needs : Download the report

Tax incentives and government relief to combat the impact of COVID-19

Addressing the impact of COVID-19

In this piece, Deloitte Global examines the outbreak of COVID-19 and the uncertainties that it has brought to economies worldwide, including cash flow and financing pressure and business continuity issues facing companies, especially small and medium enterprises and those in such industries as transportation and hospitality.

Insight and lessons:

  • Closely monitor and map out eligible tax incentives and government relief
  • Take stock of pre-existing preferential tax treatments
  • Assess cash saving opportunities
  • Ensure continuous tax compliance

Tax incentives and government relief : Download the report

Addressing the reporting challenges of COVID-19

Board and financial reporting considerations

During the COVID-19 crisis it is vital for boards and key management to develop and implement strategies to facilitate information flow within their organizations. This is to empower informed decision-making, compliance with rules and regulations, and effective stakeholder management.

Insight and lessons:

  • Board function is essential to ensure effective management
  • Importance of monitoring and assessing strategic, operational and financial impacts and formulating mitigation strategies
  • Ensure effective internal and external communications strategy to employees and stakeholders
  • Six consideration for financial reporting
  • Understanding the potential effects of the COVID-19 outbreak on disclosure requirements.
  • Design a robust communication strategy to overcome any challenges to reporting obligations

Addressing the reporting challenges of COVID-19 : Download the report

Navigating the impact of COVID-19 on accounting operations

The pressure to deliver timely, accurate information

It is clear that finance functions will need to quickly adapt to the direct and indirect impacts of COVID-19. This is specifically relevant from a financial reporting perspective, with challenges mounting related to immediate reporting requirements. This article discusses how COVID-19 is affecting financial accounting and reporting, the capacity of the finance function, cash flow reporting, and stakeholder reporting.

Topics in this article include:

  • Common accounting issues that need to be considered in light of COVID-19 impact
  • How to address capacity constraints finance teams will face due to disruptions and increased demand
  • Addressing cash flow reporting requirements and stakeholder communications strategy

The pressure to deliver timely, accurate information : Download the report

Key Contacts

Andrew Grimstone

Deloitte - United Kingdom
Andrew Grimstone is the Global leader of our 2,500 strong Turnaround & Restructuring team. In the UK, he leads our Corporate Turnaround team as part of our Performance Improvement offering, working with our VCS & DCA teams, as well as our EMEA Special Situations Desk in London, connecting with our other Global desks New York & HK-Singapore. Andrew has over 25 years’ experience dealing with complex international Turnaround, Restructuring and M&A assignments, leading reviews and assessments of corporate groups, acquisition targets and divestments for the purposes of advising corporate clients, investing institutions and creditor groups. Based in the UK, Andrew has worked with clients and Deloitte teams in over 40 countries, and in multiple sectors including Telco, Media, Mining, Steel, Construction, Oil & Gas, Manufacturing, Chemicals, Automotive, Insurance, Infrastructure, Retail, Wholesale and Pharma. He often works with businesses facing strategic and operational challenges in their markets and under pressure to manage costs, working capital and complex debt burdens.
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Rochelle Kleczynski

Deloitte - United States
Rochelle serves several Deloitte engagements as the global lead Tax partner responsible for collaborating with the broader tax practice to bring value to large multinational clients across various industries. Rochelle has held various Deloitte leadership roles and is now the Sustainability, Climate & Equity SGO Tax Co-Leader, Cross-Business Teaming Leader for Tax, and the Central Regional Marketplace Leader. She previously served as the National COVID-19 Client Response Leader and also guided the tax practice and our clients through the challenges and opportunities of tax reform as the National Tax Reform Leader. With over 20 years of public accounting experience, Rochelle’s focus has been in federal tax services and has significant experience with federal tax compliance including provisions and consulting as well as tax accounting methods. She previously served as the Consumer Products tax sector leader and a competency leader for Federal Tax Accounting Periods, Methods and Credits.
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