TORONTO, April 16, 2020 (GLOBE NEWSWIRE) -- Organizations large and small, in the public and private sectors, have expressed deep concerns about the impact of Covid-19 on their people, productivity and cashflow, according to ACCA’s new global research among 10,000 respondents, including a panel of 226 finance professionals in Canada.
For Canadian respondents, they explain the most severe impacts include: employee productivity being negatively impacted at 52%, having to defer the launch of new products or services at 27% and cash flow problems at 23%.
While government stimulus packages have been introduced in many countries including Canada, most respondents - 44% - said it was too early to say how these would make a difference. Only 38% had managed to do a financial reforecast, and of those 11% said the expected negative impact on revenue growth would be 50% or more compared with the previous financial year.
Additionally, 22% of all respondents said they did not have a business continuity plan in place.
This research aims to understand the business and financial blows to organizations so far from the viewpoint of ACCA’s members and finance professionals working in a wide range of businesses and organizations.
The findings gauge the short to medium term implications, while also looking at the measures being undertaken and considered by organizations to mitigate the damage. It also looks at what lessons we can all learn from the pandemic.
ACCA is recommending that organizations follow the ‘three As’ of crisis planning – Act to respond in a sustainable manner and focus on employees and stakeholders; Analyse the different information sources to secure your organization; and Anticipate the business impact and future trends.
Jamie Lyon, the report author, explains: “Everyone is hurting, but particularly the smaller organizations. For many of us, the ‘face of work’ has changed overnight. In the short term, leaders are facing a very difficult operating environment when it comes to employee productivity and engagement, alongside a number of compounding and wide-ranging challenges - stifled and stalled customer demand, supply chain disruption, people mobility issues, product and service delays or deferments, investment challenges and so on.”
Jillian Couse, Head of ACCA Canada adds: “Our governments, businesses, health care institutions, and citizens have taken numerous actions to help ‘flatten the curve’ of the Covid-19 epidemic in Canada. Although the impact of these efforts will remain unseen for some time, it has been heartening to witness our collective commitment to protecting the health and well-being of employees, customers, and other stakeholders in the face of unprecedented financial strain.”
Ms. Couse concludes: “With such uncertainty surrounding the pandemic in Canada and abroad, organizations of all sizes across all sectors are being challenged to plan, react, and forecast effectively. Through insights, learnings, and discussion, ACCA is here to support its members, students, and partners. We encourage organizations to consider every opportunity and every option available to keep Canadian businesses – large and small – afloat.”
- ACCA is holding a webinar on April 28, 2020 to discuss these findings, which will be published in full on April 27, 2020: https://register.gotowebinar.com/register/4111604347123549966
- The survey supporting this research closed on Thursday March 26, 2020.
- Please refer to ACCA’s Covid-19 Hub, which includes useful resources to help organizations deal with the impacts and implications, including advice for ACCA members in practice and in business, students, and a section on wellbeing.
https://www.accaglobal.com/gb/en/cam/coronavirus.html
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About ACCA
ACCA (the Association of Chartered Certified Accountants) is the global body for finance professionals, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 219,000 members and 527,000 students (including affiliates) in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centres and 7,571 Approved Employers worldwide, and 328 approved learning providers who provide high standards of learning and development.
Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com
ACCA is not affiliated with any Chartered Accountant (CA) organization or Chartered Professional Accountant (CPA) organization