In a challenging economic climate, it’s never been more important for small businesses to be ready to navigate potential financial and logistical pitfalls, and accountants need to play a key role.

In 2023, business failures hit their highest level in 30 years. There were 25,158 corporate insolvencies in 2023, up 14% from the previous year. Not only this, but the most recent monthly figures showed that after seasonal adjustment, the number of registered company insolvencies in England and Wales in June 2024 was 2,361, 16% higher than in May 2024 and 17% higher than the same month in the previous year .