Insolvency spike spells even more work for advisors. The JobKeeper Honeymoon is over, and a new reality check now kicks in for many SMEs and their advisors, writes John Peterson. In the last twelve months, public accounting and bookkeeping workloads spiked to apparent all-time new heights. But is the worst really behind us?
2021 will be make or break for SMEs with ongoing business challenges. Over the past 12 months, the number of Australian businesses entering administration dropped 60 percent. 2021 could therefore present more challenges for SMEs than 2020 did. For most, 2020 was a year of challenges never experienced before. Tough, arduous, unrelenting, and exhausting. However, the underlying factors driving change and uncertainty aren’t about to go away.
