Copper coins | Care Home Agency Advice

Why cash is king during COVID-19

By Warwick Haycock, accounting software specialist at The Access Group

In the current climate monitoring cash flow, debt management and maximising funding opportunities – in short – financial strategy – have never been more important. Making changes pre-emptively has become a key way to save the business money in the long-run.

Many businesses across all sectors are currently experiencing some of their toughest trading conditions to date – from balancing the books and maintaining staffing levels, to juggling business security. The care sector is certainly no exception.

Care has traditionally struggled with retention – in 2018/2019, Skills for Care estimated that approximately 440,000 directly employed social care staff in England left their jobs, with a turnover rate of 32.2 per cent – but workforce issues have been exacerbated by staff illness or the need to self-isolate.

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