Kaie Moisa, Head of FMJ’s Accounts Office: ‘Corona time is not the place to do business in our industry. In tough times, the accountant is firmly in the same boat as the client.” What was the coronary crisis like through the eyes of an accountancy firm, and what did clients appreciate and need?
The spring emergency put everyone to the test, with each of us unexpectedly out of our comfort zone – some just needed to get used to working from home and missed the chatter in the coffee corner, others had real problems – cash flow stopped instantly, decisions had to be made to minimise the loss. It’s a simple truth that pulling the brakes at the right time saves worse, but recognising that ‘right time’ is a million dollar question.
With the arrival of the emergency, the workflow of the FMJ accounting office changed overnight. The existing commodity line was quickly replaced by a new advisory role. Clients were waiting for answers to staff-related questions – “How can and can’t? What should be done?”. Whereas otherwise there were companies that did not keep a very close eye on their cash flow, now they wanted reports and with them an accountant’s assessment of how long they could sail on at 0. Kaie Moisa, head of FMJ’s accountancy practice, recalls: “There was also a memorable specific question at a client board meeting – when is bankruptcy coming? So far, that bankruptcy hasn’t arrived and we were able to end the year with a small surplus thanks to the right management practices and support.”
The FMJ realised that this was not a place to “make money” and that no extra fees were charged to customers for services related to the corona time. “We had, and still have, a common goal with our clients – to get out of the rough sea as painlessly as possible and sail on together in peace.
The clients of our accounting firm are people with whom we communicate frequently – usually several times a month or week, and sometimes (for larger clients) on a daily basis. We are all human beings and I am convinced that business is not done by companies, but by people,” says Moisa.
Extensive preparation before going in front of clients
Immediately after the introduction of the state of emergency, the government announced that a wage subsidy would be paid, but nothing more specific was known. All those who needed support asked for more information. In the FMJ, roles were divided and the issue of the wage subsidy was mainly dealt with by Kaie Moisa and Tiina Timmotalo.
“We both worked out the issue independently, so that we could discuss it later and advise each other on whether we had got it right. We worked through all the materials that were available, asked for advice from the Unemployment Fund, listened to webinars. I dare say we know everything about the subject.”
Being thoroughly informed on the subject and advising clients, acquaintances and even acquaintances’ accountants and family members, it gave the staff of FMJ accountancy a lot of positive emotions during a difficult time for themselves. “By helping others you also give yourself a good feeling, you feel needed. It’s not always wise to count everything in money.”
Grants for basketball school came thanks to accounting office
Reinar Hallik, head of the Reinar Hallik Basketball School, is very happy with the work of the FMJ. “The FMJ has taken care of a lot of the paperwork, both during the emergency and otherwise. We have a lot to organise in terms of work permits for external coaches, which we have been able to entrust almost entirely to the accounting office. We have always been kept up to date on subsidies and have received help from several sources thanks to this,” said Hallik.
No extra work for free, but no discount for the service.
For larger clients with more than 100 employees, claiming the wage allowance was a lot of work. “With one hotel owner, we agreed right at the beginning of the season that we would do whatever was needed at no extra charge and they wouldn’t undercharge us,” says Moisa.
In addition to the emergency national and, in January 2021, Ida-Viru County and Harju County wage allowances, clients were also assisted in obtaining EAS grants, and applications were submitted to the Ministry of Education and Research and the Ministry of Culture for clients involved in hobby education and culture and sports. Comprehensive budgets and analyses of different action plans and possible operational scenarios were prepared. The crisis is far from over, and efforts continue to be made with clients to take the right steps and find solutions to problems.
Of the nearly 100 clients of FMJ Accounting, only one is currently in liquidation due to corona losses.
Tõnis Kaasik, owner of ASPA Hotel Saka Manor, says he appreciates the cooperation with FMJ Accounting during the crisis. “We have received both advice and practical help with compensation issues. Although the contract, which was made for normal circumstances, did not and could not cover the activities arising from the koruna, all the necessary requests were made by FMJ in a timely manner without causing any problems and without asking for extra money.”
