Four out of ten clients in the Moore Global Network believe the biggest impact of the COVID-19 pandemic will be changes in the way staff work in the future, while more than one-third expect to make more use of technology when normal life resumes.
The findings are part of a global survey that also revealed the impact the pandemic is having on business generally, the level of government assistance available, and the hard business decisions clients are taking to ensure they emerge fit enough to take advantage of opportunities.
About half of clients and their staff are working from home, while around one-third have indefinitely put on hold discretionary spending such as staff bonuses, advertising, or business travel.
In general, 96% of clients said they were concerned about the financial impact of COVID-19, although a quarter of respondents have more than six months reserves to protect against cash flow shocks and to fund running costs.
Just under 40% have experienced partial or forced closure, while almost six out of ten are considering or have altered staff terms or made redundancies.
Three out of ten clients have already made use of financial support made available by governments, with a further 57% of respondents saying they have either considered it as an option or might do so. Only 14% said it was not needed.
Some 45% of clients say COVID-19 will impact their businesses for three to six months while 42% suggested it would be more than six months.
Expansion plans have been affected, with 44% of respondents saying plans are on hold – half saying they have been delayed by more than six months.
However, 82% believe they will be able to hold prices at current levels after the crisis is over.
The Main Findings
GTN is a member firm of Moore North America, an independent global accountancy and business advisory association of affiliated CPA and financial services firms. Moore North America is one of eight regional members of Moore Global Network Limited (Moore Global). On a combined basis, Moore Global member revenue is over US$3B, making it one of the largest accounting firms and advisory consulting associations in the world.