05 January 2009In Accountancy
Chief financial officers (CFOs) will be focusing on maximising cash flow, boosting investor confidence and cutting costs in 2009, according to the latest CFO survey from Big 4 firm Deloitte.
The survey showed that CFOs see a shortage of credit and a contracting economy as the biggest threats to their businesses in 2009, with the majority aiming to strengthen their balance sheets.
Risk aversion has risen sharply, with 98 per cent believing it to be a bad time to take additional risk onto balance sheets, although many also said they foresee opportunities for expansion and for buying discounted assets.
Ian Stewart, UK economist and director at Deloitte, said: "2009 is set to be a year of debt reduction, even if that requires a dividend cut. 64 per cent of CFOs plan to reduce debt levels but to do this they need to realise and conserve cash.
"As a result, 23 per cent plan to cut dividends, compared with just three per cent in March 2008."
Meanwhile, around 13,900 firms are seeking extra time to pay their bills, according to HM Revenue and Customs.
The Times reports that 10,000 businesses, partnerships and sole traders have been given more time to pay tax worth nearly £170 million.
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