Coronavirus (COVID-19)
Business advice

COVID-19 has presented a significant threat to business health, with government moves to reduce the spread of the virus causing sudden drops in demand for many products and services, labour shortages and supply disruptions. As part of a comprehensive risk management strategy, there are a range of actions you can take to assist you or your client’s business to manage through the crisis and prepare for recovery.

CPA Australia has developed resources to support you and your clients at every stage of the COVID-19 crisis. The following content will help you manage through the immediate technical and business challenges of COVID-19. Refer to our Road to Recovery for further resources to help you transition from response to recovery.

Information to download and use with your clients.

 Supporting clients through COVID-19
Never has good advice been more valuable. Here’s why accounting practitioners should be considering proactively contacting their business clients, not just to explain the relief assistance that is available to them but to advise on whether the measures make sense for their specific business.
Last updated April 2020 | Article

Information on insolvency and supporting businesses in financial distress.

Guides for SMEs: Understanding Your Options – Business in Distress
In an ever-changing economic environment, it’s important to understand your options if your business is in distress. Learn how to spot the signs of insolvency in your SME and what your options are.

• Understanding your options – business in distress Uploaded March 2021 | PDF
• Understanding your options – small business restructure Uploaded March 2021 | PDF
• Understanding your options – simplified liquidation Uploaded March 2021 | PDF

 Business exit strategy – Public Practice Conference 2020 recorded session
Research and planning are two key components of delivering a successful exit strategy. In this recorded session, Jason Bertalli FCPA outlines the importance of researching potential buyers, how to maximise the return on the sale of a business and how to communicate with your clients about an exit strategy.
Last updated November 2020 | Video

 Be the doctor, not the undertaker – Public Practice Conference 2020 recorded session
Shabnam Amirbeaggi FCPA highlights why clients shouldn’t fear the word ‘bankruptcy’ or ‘insolvency’ and why there’s a greater chance of a positive outcome if early advice is given on the best approach.
Last updated November 2020 | Video

 Indicators of potential insolvency
With the progressive withdrawal of government support, you’re likely to see an increase in indicators of insolvency amongst your clients. This factsheet highlights the various factors to take into account when considering whether a company is insolvent, so you can refer clients to an insolvency expert as soon as possible.
Uploaded September 2020 | PDF

 Is your SME client insolvent and how can you help?
CPA Australia’s 60-minute webinar recording outlines the warning signs which indicate that your SME client may be insolvent and how you can help. Presented by Travis Anderson, Partner at Deloitte, and Kristen Beadle, Partner at Hall Chadwick.
Last updated August 2020 | Webinar

Insolvency fact sheets
The outbreak of COVID-19 is continuing to have an overwhelming impact on individuals, businesses and communities. We have created three fact sheets designed to work together to help you and your clients in financial distress:

 The meaning of insolvency
The risk of corporate failure under the current and evolving COVID-19-related economic circumstances is unprecedented. Learn about the meaning of insolvency and how to identify the indicators.
Last updated April 2020 | PDF

 Options for clients in financial distress
If your clients are in financial distress, find out how you can help them navigate through this health and economic crisis with an overview of the options available.
Last updated March 2021 | PDF

 Directors duties, insolvent trading and you
An overview of Director’s Duties and Insolvent Trading provisions in the Corporations Act 2001 and the implications this may have for our members who are advising clients in financial distress, despite the relief offered through the Coronavirus Economic Support Package.
Last updated March 2021 | PDF

 Recorded webinar: Dealing with clients in financial distress
In this webinar, experts from Deloitte cover how to deal with clients in financial distress, particularly in relation to business continuity, contingency planning, cash flow, and changes to the insolvent trading regime. View the webinar presentation file (PDF).
Uploaded April 2020 | Webinar

 Recorded webinar: Corporate and personal insolvency
In this webinar, experts from Deloitte provide an overview of corporate and personal insolvency. View the webinar presentation file (PDF).
Uploaded April 2020 | Webinar

 ARITA: Helping clients with companies in financial distress
The Australian Restructuring Insolvency and Turnaround Association (ARITA), with the support of CPA Australia and Chartered Accountants Australia and New Zealand, has released a special guide for accountants in public practice. It outlines steps you can take to help your clients with companies in financial distress.
Last updated 23 March 2020 | PDF

Practical tips and checklists for managing your business, or your client’s business.

PLANNING

 Checklist of possible actions to help your business manage through COVID-19
There are a range of actions you should consider as you manage your business through the COVID-19 pandemic. Download our checklist which includes a clear list of actions you can undertake at this time. View a detailed summary, including example worksheets and checklists.
Last updated 26 March 2020 | PDF

EMPLOYMENT

 Factsheet: COVID-19 employment issues
To maintain a sustainable firm you need your people safe, engaged and at work for the inevitable rebound from COVID-19. Developed specifically for public practitioners in Australia, this factsheet outlines key legal considerations, HR strategies and employment resources to support you in responding to the COVID-19 pandemic.
Last updated 31 March 2020 | PDF

 COVID-19 employer’s manual for public practitioners (member login required)
This manual has been produced to provide accounting practices with guidance around the employment and industrial law updates arising out of COVID-19. The manual covers amendments to the Fair Work Act (including JobKeeper), amendments to the Modern Awards, general stand down provisions in the Fair Work Act, and remote working and working from home, including templates and forms.
Last updated May 2020 | Article

FINANCE

 Tips to manage credit and accounts receivable
Having credit and accounts receivables policies in place and being clear and upfront about your payment expectations both in person and on your invoices will go a long way towards ensuring that your small business gets paid on time. These tips aim to help small business develop a framework and consistently apply processes to manage their credit and accounts receivable.
Upload July 2020 | PDF

MARKETING

 Business development during a crisis
In this recorded discussion, the Chair of CPA Australia’s Queensland Public Practice Committee Shanna Hunter FCPA caught up with host of the Beyond Billables podcast Michael Bromley on how to navigate business development in times of crisis.
Uploaded June 2020 | Video

 Staying close to clients while social distancing
In these tough times, while we maintain our social distance, clients need to know their practitioner is right by them.
Last updated April 2020 | Article

SMALL BUSINESS

 Good practice checklist for small business
This checklist helps Australian small businesses identify some of the tasks critical to good business practice. If you regularly undertake these tasks, you’ll be in a better position to manage and grow your business and reduce the pressure you may face at the end of financial year.
Uploaded April 2020 | PDF

 Tips for small business in uncertain times
Reduce your reliance on external debt, improve your productivity, review your cost structures for savings, adopt appropriate risk management strategies, and review your business plan for the changing environment.
Uploaded April 2020 | Article

 High-level tips to help small businesses manage through COVID-19
COVID-19 presents a significant threat not only to human health but also to businesses. For many, the steps by governments to contain the virus, such as restricting movement of people and shutting non-essential businesses, will result in a sudden fall in demand for their products and services. Our list of tips will help your business survive and place it in the best possible position for recovery.
Last updated 26 March 2020 | PDF

 Example checklist: COVID-19 contingency plan
Part of a comprehensive risk management strategy includes an effective contingency plan to ensure your business is prepared for what’s coming. Download our checklist which includes a range of areas to consider, such as employees or related parties catching COVID-19, staffing arrangements that should follow, impact on customers, and ideas on how you can implement plan B.
Last updated March 2020 | PDF

TECHNOLOGY

 Factsheet: Cyber security essentials for working remotely
With many people working from home, it’s more important than ever to incorporate cyber security measures into your contingency planning and every day work practices. Follow this eight-step guide for keeping your data and systems safe and secure.
Last updated April 2020 | PDF

 Factsheet: Setting up your virtual office
Moving to a virtual office has become a need rather than a want for many accounting businesses. Help transition your firm by following this practical guide, which includes short-term steps for setting up your virtual office and longer-term considerations for finding a sustainable solution.
Last updated April 2020 | PDF

 Data security in the age of working from home
Data security is more important than ever when you and your team are working remotely. Listen to CPA Australia’s podcast with Alan FitzGerald, Founder of Practice Connections, as he shares insights into how we can improve data security in response to COVID-19.
Recorded 1 April 2020 | Podcast

 Remote working checklist
Additional risks can arise when teams start working from home. Luckily there are some simple policies, settings and tools that firms can deploy to significantly reduce their risks. In this checklist we share 11 low-cost tips for doing this.
Uploaded May 2020 | PDF

 Protect your practice – audits, bans, coronavirus and data breaches
Clare Bannon, Senior Manager, Professional Standards at CPA Australia, joins Rizwan Zaidi, Territory Lead – Risk Proposition at Thomson Reuters, to highlight the risk and compliance issues for tax practitioners. They also discuss CPA Australia’s engagement with Thomson Reuters to provide high quality training content around risk, compliance and ethics.
Uploaded March 2020 | Webinar

Updates on government stimulus measures, the economy and the outlook for the future.

 Government stimulus summaries
The Australian Government, alongside state and territory governments, has announced a range of measures to assist small to medium-sized businesses during the COVID-19 crisis. Find out what the Australian Government and the Reserve Bank of Australia (RBA) have announced and what each state and territory is working on in order to support individuals, households and businesses.
Uploaded April 2020 | Article

Guidance and strategies to help lead your team.

 COVID-19 and financial distress – A director’s perspective
This briefing document is for board directors or advisers who assist organisations in navigating these challenging times. It highlights various indicators of financial stress and key actions that can lead to better outcomes for business continuity and creditors, even where solvency is not an immediate concern.
Uploaded November 2020 | PDF

 COVID-19 – key implications for boards
Boards and their organisations, regardless of size, must be proactive in managing the risks and challenges presented by the COVID-19 crisis. This briefing is aimed at directors or advisers to boards, who will help organisations reinvent themselves to survive and capitalise on new opportunities that arise.
Last updated 22 April 2020 | PDF

 Triple threat: Leading in the age of COVID-19
What does crisis management look like when conventional wisdom seems hopelessly inadequate? Australia’s business leaders are facing a once-in-a-generation test of their managerial mettle. Three CEOs share their experiences so far with leading through the COVID-19 crisis.
Uploaded 26 March 2020 | INTHEBLACK article

Resources to support the physical and mental wellbeing of you, your team and your clients.

 Psychological and suicide intervention first aid
CPA Australia members have faced increasing workloads as a result of COVID-19 and many of their clients have been under increased stress, sometimes indicating self-harm and suicidal thoughts. This training program has been produced with Psychologist Clare Mann to help members handle the most difficult conversations with clients, colleagues and staff who demonstrate feelings of hopelessness and are in danger of suicide. Complimentary for members, using access code: CPACPR21
Last updated March 2021 | Web page

 Mental health support for small business owners
NewAccess is a free and confidential mental health program, developed by Beyond Blue to give small business owners the support they need. Over six sessions, coaches work with small business owners on a personalised plan to overcome difficult issues, learn practical skills to manage stress and get back to feeling like themselves. Available in Australia by phone or video call.
Last updated March 2021 | Web page

 Recorded webinar: Strategies for avoiding burnout
In this follow-up to her Public Practice Conference session, psychologist Clare Mann provides strategies to avoid burnout, manage stress and empower your clients to do the same.
Uploaded November 2020 | Video

 Engendering hope in a time of a crisis – Public Practice Conference 2020 recorded session
Psychologist Clare Mann explains why looking after the mental health and wellbeing of your employees, your clients and yourself during times of stress is so important and provides tips for dealing with continuous change and uncertainty.
Uploaded November 2020 | Video

 Mental health toolkit
The outbreak of COVID-19 is having a significant impact on the mental wellbeing of individuals within our community. Support your own mental health, and the wellbeing of your employees, with these useful links to information, resources and support.
Last updated April 2020 | Web page