Covid-19 Business Action Plan

As we are now deeply embroiled in the Covid-19 epidemic, and it starts to impact on business, and the ability to keep liquidity positive, there are a number of action(s) business owners can take (if not already actioned) and below we have outlined these in simple terms.

Simple Action Plan

·         Review all essential and non-essential costs

·         Review staffing requirements – look at unpaid leave options or temporary wage reductions

·         Prepare a detailed cash flow (3-6 months)

·         Approach your landlord for a “payment holiday” or restructuring of payments

·         Approach all suppliers for a “payment holiday”

·         Close your office and have staff work from home (if possible) to reduce daily costs

·         Approach your bank for “payment holidays” on loan/credit card repayments

·         Subscribe to Gulf News or Khaleej Times “alerts” to stay up to date with the latest Government circulars impacting your business

Confirmed UAE Virus Relief Benefits

·         Banks are reducing or waiving charges for the next few month(s) – this varies by bank so check with your account manager

·         Banks are offering payment holidays for loans – again this varies by bank

·         10% reduction on DEWA bills for the next 3 months

·         Reduced licencing and admin costs across the various licensing authorities – check with your licence provider

UBS Consultants Business Continuity

As an outsourced accounting service provider our staff are all remotely based and as a result there is no discontinuation of our services. 

Xero cloud accounting, Dropbox and Monday.Com tools allow us to keep servicing clients at this crucial time for everyone. 

UBS Consultants Employee Safety

UBS staff are fully equipped to seamlessly work from home. Work travel has been completely restricted for the time being.

All employees have been provided with gloves for handling of paper and documents in line with the Government directives.

UBS Consultants Additional Services

For existing, and new clients, we are offering additional cash flow and restructuring services/advice currently.  Please feel free to reach out to us if you need these additional services or any of our normal outsourced accounting services.  steve@uaebusinesssolutions.com