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Insolvency advice is already an important tool in the arsenal of struggling businesses trying to combat cashflow concerns and profit problems.

However, in the years to come, insolvency advice could become a much more regular tool used by CFOs to manage risks and maintain profitability.

A new report from the Association of Chartered Certified Accountants and the Institute of Management Accountants, entitled The Changing Role of the CFO, predicts greater responsibility and a closer focus on risk management for the role in the years ahead.

“Businesses are really asking a lot from their top finance leaders right now,” says ACCA’s head of corporate sector Jamie Lyon, “and we don’t see this getting any easier, particularly with the level of volatility and business uncertainty.”

With Mr Lyon adding that “it really is a question of having enough time in the day”, CFOs might consider seeking advice on bankruptcy and other such risks externally on a more frequent basis.

Even where insolvency or administration is not a primary concern at present, advice on bankruptcy can help firms to avoid entering into financial difficulty, and maintain profitability for the long term.