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THE impact of COVID-19 is broad, and the actual true cost to the economy is yet to be fully realised, says managing partner Frank Lo Pilato and associate director Daniel Bond of Canberra’s audit, tax and consulting network, RSM.

“Whilst stimulus packages and other concessions are helping businesses stay afloat, they will not be around forever and businesses really need to implement recovery strategies as soon as possible,” Frank says.

RSM has been working with local businesses to help protect the value of their assets and operations, implementing steps like undertaking a health check, including assessing cash flow needs, risks and access to stimulus packages/concessions.

The firm says it can help businesses in developing a plan, determining options to current and future cash needs, negotiating with landlords and other key creditors, initiatives to cut costs, improve efficiencies and strategise alternate plans which could be implemented depending on key factors.

It also helps with monitoring and maintaining a structured review process to ensure the plan/s are maintained, monitored and amended without unnecessarily eroding the value of the business.

RSM says they can provide expert support and offer a no-obligation discussion to address any questions that potential clients may have.

RSM, Equinox Building 4, Level 2, 70 Kent Street, Deakin. Call Frank Lo Pilato on 6217 0348 or Daniel Bond on 6217 0358 or visit rsm.com.au