The Role of EFAA and of SMPs In Early Warning for SMEs
This article, co-written by Salvador Marín, EFAA President, Morten Møller, Coordinator of the Early Warning Europe Network and Paul Thompson, EFAA Director, set some guidelines on the role small- and-medium-sized accountancy practices can play while advising their SME clients.
25 February 2021 - EFAA’s article explains the role SMPs can play and sets out some early warning signs which SMEs and their SMP advisors should be looking out for.
Business owners, with help from specialists like an SMP, should monitor their businesses closely and, if they start to present any of the warning signs, take corrective action immediately. The article lists some of the signs including inadequate cash reserves, poor cash-flow management and the inability to access finance.
The full article is available here.