A new survey shows that 90% of accountants are now expecting negative growth in 2020 and more than half of firms have changed their financial forecasts since the Covid-19 outbreak
The Association of Chartered Certified Accountants surveyed almost 500 accountancy practitioners in Ireland and 10,000 globally for the research.
58% of firms surveyed said that employee productivity has been negatively affected, 28% said they were deferring new product launches and 27% reported cash flow problems.
Concerns were also raised over the effectiveness of the Government's economic stimulus with 45% unsure of its impact, and only 15% believe it has been effective.
Positive findings from the survey showed 60% of firms had business continuity plans in place to help them effectively respond to and mitigate the risks of the Covid-19 pandemic.
"This research aims to understand the business and financial blows to organisations across the country. It is seen through the lens of ACCA Ireland's members - finance professionals supporting a wide range of businesses and organisations at this hugely difficult time," commented Caitriona Allis, head of ACCA Ireland.
"The findings gauge the short to medium term implications, while also looking at the measures being undertaken and considered by organisations to mitigate the damage. It also looks at what lessons we can all learn from the pandemic," Ms Allis said.
