Financial Education Scheme
A communication has recently been sent to firms that were signatories to a letter dated 24 March 2020 sent to the States of Jersey regarding the response to the Covid-19 pandemic. The purpose of this e-mail is to capture any other accounting firms, via the JSCCA membership, that were not party to that letter and to give them an opportunity to participate in the proposed scheme.
An outline of the scheme is below, please contact Jason Lees-Baker on [email protected] for further details should participation in the scheme be of interest.
The States of the Jersey alongside Jersey business and interested parties (accountants, Chamber, banks) have recognised a need for a certain amount of financial education amongst small businesses. The main objective being the provision of budgets and cash flow forecasts built on solid financial information needed to be able to maximise their chances of being successful in any request of financial support under the various States initiatives both current and future, should such support be needed.
To that end the group is at this stage proposing the following:
- Media campaign supported by States which will drive interested small business entities towards Jersey Business.
- Jersey Business will provide a triage service, providing an initial review of the entity’s financial circumstances and high level support.
- Where matters are more complex and professional support is required Jersey Business will forward the entity to a participating accountant for further support. (The entity will be asked if they have a professional accountant engaged and, if so, will be steered in that direction, providing they are participating in the scheme.)
- Where going concern matters are serious and professional insolvency or business recovery is required Jersey Business will advise the entity accordingly.
- It is proposed that participating accounting firms will support this scheme at a discounted charge out rate that would be the same rate across all participating firms.
- It is further anticipated that such discounted fees will be disbursed by the States of Jersey as part of its support package to small businesses.