How To Keep Your Account Firm Strong Amid COVID-19 Pandemic
Now more than ever, businesses are compelled to safeguard their operations. And this challenge posed by the ongoing COVID-19 pandemic has also left. It continues to leave an impact on accounting firms — institutions that provide professional financial services and help to clients across several industries. From being more anticipatory to joining an accountancy network, here’s how you can keep your firm resilient during these uncertain times.
Anticipate and prepare. One of the biggest learnings accountants have acquired because of the pandemic is to be more anticipatory. If a financial crisis arises, you have to plan the measures that you need to take. If there are new regulations to be introduced, you have to be flexible to update and help your clients quickly. Being less reactive in a pandemic-stricken world can go a long way.
Educate yourself. With the consequences of pandemic still being felt, policymakers worldwide are implementing new regulations, amending old rules, and rolling out schemes to help businesses recover. Apart from being updated about the latest news in your area, it’s also helpful to join a global accounting network so you can get access to more accounting-related resources.
Embrace technology. From backing up or moving data to cloud-based systems to video conferencing for meetings and consultations, accountants need to be more adept in utilizing technology to their advantage. If you run an accounting firm, it’s now essential to invest in quality and secure technology solutions that will make your operations smooth and seamless amid the era of remote work.
Assess and improve access control. One thing that accountancy network members advise to one another is to improve online security. As accounting firms are now doing work and sharing files over the Internet, there’s a need to tighten access control to prevent private and crucial data from getting hacked or leaked. Data breaches and their consequences are not only stressful and time-consuming to handle, but they’re also expensive to resolve.
Realign your goals. The pandemic has seen many accounting firms transition into providing more consultancy services. This is because of the increased demand from business owners seeking advice on keepingtheir cash flow afloat during and even after the pandemic. For your accounting firm to remain strong during these times, it’s important to learn how to adapt and quickly realign your goals.
Communicate. Keeping your communication lines open — to both your employees, clients (existing and potential ones) — is especially critical now that we’re collectively facing a pandemic apart. Constantly ask about the welfare of your staff and encourage them to forward the challenges they encounter in your current setup. As for your clients, make sure to send regular updates and hold meetings whenever needed. If you need to attract more clients, use your website and social media channels to reach out to the right audience; inform them how they can avail of your services.
Strengthen ties. The whole accounting community has undergone dramatic change because of the pandemic. If you want to survive this rather challenging period successfully, it’s not enough to rely on your own resources. As mentioned, being part of a global accounting network can help you be more informed while allowing you to expand your reach.