BIP Features »

July 10, 2020 – 8:00 am |

A Coventry-based driverless vehicle specialist has beaten off some of the world’s largest car brands and manufacturers to secure Autocar’s Innovation Award.
Go to the main page

Read the full story »
BIP business guides & tools

Please register/login to access content

BIP Access to Finance

Access to Finance,Grants & Business Support

BIP Features

West Midlands business highlights, opportunites and networking

Bips and Pieces

All the best from the web handpicked out by our team, including the World of tech

Business News

Latest West Midlands news affecting your business

Home » Business News

Midlands accountant sends cashflow warning following summer Covid-19 budget

Submitted by on July 10, 2020 – 7:30 am |

Alistair Hayward-WrightOne of the region’s leading accountants has warned that funding and managing cashflow will be key if businesses are to successfully navigate the economic downturn caused by Covid-19.

The alert has come from chartered accountant and business advisor Alistair Hayward-Wright following Rishi Sunak’s summer budget where the Chancellor announced a £30 billion blueprint to help save the struggling economy.

Mr Hayward-Wright, who advises clients across the West Midlands, said that despite the multi-billion pound shot in the arm for the economy, businesses will face huge long-term financial challenges unless they act fast to manage their finances smartly.

Mr Hayward-Wright, managing director of Hayward Wright Accountancy Group, said: “Our economy has shrunk to devastating levels since March and that has impacted jobs and the financial health of the majority of businesses.

“The reality is that we are facing extremely tough times but firms here in the West Midlands can navigate the downturn by planning carefully. Essentially this means taking time to have a strong overview of their cashflows, while some should look at options around invoice or asset financing to secure their futures.

“Sadly, it is also a fact that many businesses haven’t accessed some emergency Government grants and loans over the past few months, leaving them exposed. Those aren’t simple tick-box exercises and will need good, in-depth business plans to prove the long-term stability of the business, especially if firms are taking an alternative route and looking at bank loans.

“Vitally, despite the Chancellor announcing welcome news for various industries, it will not solve the cashflow problems so many are facing. Taking advice now, more than ever, will give businesses across our region the guidance they need to cope, save jobs and ultimately, their futures.”

Among the Chancellor’s plans announced this week are a new jobs retention bonus for firms, a ‘Kickstart’ scheme to create new jobs for young people, and a temporary stamp duty holiday to help the struggling housing market.

For further advice relating to the Covid-19 crisis, readers can visit or email

Go to the main page

Tags: , , , , , , ,

Leave a comment!

You must be logged in to post a comment.

We use Cookies - By using this site or closing this you agree to our Cookies policy.
Accept Cookies