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Accounting firms rally to assist businesses affected by floods
10 March 2022
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Accountants have rallied to assist businesses across NSW and Queensland struggling to recover from the floods with companies from Grant Thornton to Moore Australia joining the effort this week.
Grant Thornton has developed a new Flood Recovery and Relief Hub and has been reaching out to clients in the worst-hit areas.
“Our team are contacting affected clients and businesses in the rapidly expanding flooded areas to help them work through the immediate crisis and make the first steps to recovery,” Grant Thornton said.
The firm would also provide guidance on managing cash flow, applying for government assistance and helping with tax obligations.
“To keep your business running through a crisis period there are many factors to consider including insurance; client, customer, and supplier communications; payroll and superannuation; cashflow planning; as well as tax implications and ATO obligations,” the firm said.
“In addition, your mental health, resilience, and well-being for yourselves, families, staff, and communities are of utmost importance. As these disasters unfold, the relevant government departments will make available certain assistance packages and grants for flood-affected businesses and individuals, after announcing a ‘disaster declaration’ for affected areas.
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“We are also very aware that similar tragic circumstances are quickly unfolding in more regions across the country and foresee that additional support and information will be regularly updated.”
Moore Australia has also developed a flood disaster assistance hub despite the accounting firm’s Brisbane office being closed until further notice.
“It goes without saying that our first priority is to keep our #MooreFamily safe. This includes our team, our clients and our community,” Moore Australia said in a statement.
“We remain fully operational and can be reached via our usual phone and email methods. Our expert auditors, tax, business and wealth advisors are well equipped to make this transition seamlessly and will ensure clients continue to be looked after to the highest standard.
“There are a number of relief and recovery programs available to residents in both Queensland and New South Wales from state and federal Governments. Our flood disaster assistance hub information is regularly updated and we’ve put together a few links that we hope will help you find information a little easier.”
For accounting firm RSM Australia, it is closely monitoring the impact of the recent flooding disaster on staff, clients and their communities.
“Our main concern is for their safety and the safety of their families. For our staff in impacted areas, we have provided time for them to attend to more urgent needs in their community,” RSM Australia said.
“We are regularly checking in with our clients who are impacted and providing them with any assistance we can. We are monitoring government assistance and advising clients on what is available, and assisting them in accessing this.”
The firm has also made a donation of $10,000 to the Australian Red Cross flood appeal.
“It is an incredibly difficult time for the east coast of Australia and our thoughts are with everyone who has been affected. We hope we are seeing the end of the rain for now,” the firm said.
Meanwhile, accounting firm William Buck is calling for more support from the government.
Eric Flammang, principal, business advisory said the bulk of his clients had been affected in northern NSW.
“The local government has not been quick with the rollout of its financial support package so we have spoken to them over the phone, providing support and reassurance,” he said.
“We’ve also pointed them in the right direction and provided after hours and weekend support. Most of our support has been around three major pain points.”
That included administration and practice management interim support for those with employees personally impacted and unable to return to work.
The firm has also provided additional guidance with cash-flow projections and assistance with negotiating terms with other suppliers to ease the cash flow burden (including ATO payment arrangements), along with assisting with insurance claims and liaising with brokers to get the ball rolling.
With businesses devastated by the disaster, accountants have been playing a crucial role in the flood frontline to keep businesses afloat.
The ATO is providing administrative relief to tax professionals and their clients in Queensland and NSW affected by floods and accounting bodies such as CA ANZ have released a checklist for accountants to better assist clients during the disaster recovery process.
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