Three in 10 SMEs are mulling job cuts, says ACCA Ireland – The Irish Times

Almost 30 per cent of small and medium-sized enterprises (SMEs) are considering job cuts to stay financially viable, according to research from accounting body ACCA Ireland.

Cashflow was identified as the biggest concern for three-quarters of businesses, while 12.5 per cent said the increased cost of trading was the most pressing issue they faced.

The findings are based on a survey of small and medium-sized accountancy practices and reflects the sentiment of some 7,000 of their SME clients, ACCA Ireland said.

The issues encountered by SMEs across the Irish economy since the start of the Covid-19 crisis has resulted in some 94 per cent of small accountancy practices increasing their workloads as they seek to help their clients cope, the research also found.

“This research reflects the challenges that SMEs face at this time,” said head of ACCA Ireland Caitriona Allis.

“One of the key issues highlighted in the results

Continue reading this atricle at https://www.irishtimes.com/business/economy/three-in-10-smes-are-mulling-job-cuts-says-acca-ireland-1.4493017