{"id":11439,"date":"2020-04-21T10:30:00","date_gmt":"2020-04-21T08:30:00","guid":{"rendered":"https:\/\/www.ics-adminservice.de\/nicht-kategorisiert\/well-through-the-corona-crisis-what-should-the-cfo-consider\/"},"modified":"2026-03-05T15:32:35","modified_gmt":"2026-03-05T14:32:35","slug":"well-through-the-corona-crisis-what-should-the-cfo-consider","status":"publish","type":"post","link":"https:\/\/www.ics-adminservice.de\/en\/finance-accounting\/well-through-the-corona-crisis-what-should-the-cfo-consider\/","title":{"rendered":"Well through the Corona crisis \u2013 What should the CFO consider?"},"content":{"rendered":"\n

After\nwe looked at the effects of the Corona pandemic\non the upcoming preparation and audit of the annual financial statements as of\n31.12.2019 in one of our last blog posts, we will now examine selected business\nand financial aspects that the CFO encounters\n in day-to-day operations.<\/p>\n\n

Priority No. 1: Improve your own liquidity in times of the Corona crisis!<\/h4>\n\n

Ensuring\nsolvency is certainly one of the “standard tasks” of a\nCFO. In the current situation, this task is becoming much more important \u2013\n collapsing supply chains, associated restrictions in the company’s own\nservice provision, refusal of acceptance by customers or\npayment difficulties with customers are now the daily challenges\nof the CFO. <\/p>\n\n

The federal\nand state governments, as well as the social security funds, have taken\n a variety of measures that will “give companies some breathing space” in the tense situation. Every CFO should consider the use of\nthese measures. <\/p>\n\n

Apply for a deferral of taxes and social security contributions!<\/strong><\/p>\n\n

Currently\n, the federal, state and local governments allow the interest-free deferral of corporation,\n trade and sales tax. In some cases, individual federal states go even further\nand also grant the reduction or refund of special VAT advance payments.\nIn addition, no tax claims are usually enforced at present. \n<\/p>\n\n

The\numbrella associations of health insurance funds are granting interest-free\ndeferral of social security contributions for the months of March and April. The employers’ liability insurance associations are also planning\ndeferrals for upcoming payments. <\/p>\n\n

Take advantage of the KfW special programme 2020 and short-time work allowance!<\/strong><\/p>\n\n

The\nKfW Corporate Loan and the KfW Quick Loan are intended to provide liquidity to\ncompanies in a timely manner. In some cases, these loans come with a 100%\nexemption from liability. The short-time work allowance, which has now been granted under simplified\nconditions, also brings relief. <\/p>\n\n

Keep a closer eye on outstanding receivables \u2013 secure receivables!<\/strong><\/p>\n\n

Due to\nthe nationwide spread of the coronavirus – regional, supra-regional,\n national and international – there is a need to keep an eye on receivables management\non a daily basis. Of course, it is also an imperative of\ncooperative partnership that customers are granted\nlonger payment terms, but this must not lead to payment difficulties of their own. And if payments are\ndeferred, a corresponding written agreement with\nan acknowledgment of debt is always recommended. This saves many a dispute later on about\nthe legality of the claims or their amount. <\/p>\n\n

Use “classical instruments” \u2013 put everything to the test!<\/strong><\/p>\n\n

Of course\n, the CFO must also use the classic instruments of reducing expenses \u2013\n all costs must be put to the test, investment plans must be reviewed,\n and extensions of payment terms with suppliers must be agreed with them.<\/p>\n\n

Corona crisis management: Deliver business figures in a timely manner!<\/h4>\n\n

Especially\nin times of crisis, all areas of the company need fast and\nmeaningful figures. Meaningful also means that the CFO is faced with the following\ntasks: <\/p>\n\n