How to Prepare Your Accounting Business for the COVID-19 Pandemic

AP Community
Written by AP Community

The coronavirus outbreak from Wuhan, China, has created major impacts on world dimensions in the last four months.

Billions of people are now under lockdown situations by order of their government. This is a new era of social distancing and isolation to save ourselves from the invisible enemy.

The world has experienced over three million infections and more than two hundred thousand deaths. These numbers are more staggering in Europe and America, and it’s ever-increasing as time goes on.

As there will not be any good news of the COVID-19 vaccine for the next couple of months, the chances of lockdown are now stretching all over the world.

This makes sense – the world is now facing a severe economic depression, far worse than the one experienced in 2008.

The ILO states nearly 25 million people may lose their jobs in this economic collapse.

On the other side, the IMF believes the world could lose its GDP by up to 3%. Asian and sub-Saharan countries are now under the threat of severe economic meltdown.

As the lockdown continues, most companies are forced to follow the principle of working from home. You have no better option to balance your business and health safety at a time like this.

Also, this virus opens a new opportunity to work from home and run a business from any remote location.

CMMS Software to Help Your Accounting Firm

Due to the coronavirus pandemic, accounting firms are now facing a severe crisis in auditing projects.

A CMMS software can help accounting firms to resolve this problem. It can integrate all important data and establish a perfect audit from any remote location.

Audits examines financial records of any business and verifies them to accuracy for more accountability. CMMS refines all transactions and runs systematic review for financial statements.

Furthermore, it preserves company’s secret documents and provides business forecasts to plan a new strategy.

Whenever you think about working from home or running your business online, software dependency is crucial for its success.

Computerized Maintenance Management System, or CMMS, is one of the best softwares to maintain databases.

Many reliable companies, such as Axxerion, offer cloud-based CMMS that include predictive, preventive, corrective and condition-based maintenance for your system.

Most importantly, software such as this gives you the opportunity to operate the business from mobile applications or any other device from remote locations.

Other than that, this technology can help  diverse business portfolios. It also brings more accountability within teams and organizations. Because of the optimizable operations, your workflow will be more efficient.

Besides the high effectiveness of CMMS, some people don’t use it because of the following myths:

  1. Implementing CMMS is too expensive.
  2. You need high levels of expertise to operate this software.
  3. It is only effective for preventive maintenance.
  4. CMMS is a magical tool that improves business overnight.
  5. CMMS installation can destabilize pre-existing network security.
  6. Installing CMMS does not provide a good success rate.

Most people have only a little knowledge about the software, so this list makes sense if you come from that angle. To know the actual effectiveness of CMMS, you have to use it. So, let’s bust those myths and bring more productivity to your accounting business.

Try Cloud Accounting

During this pandemic crisis, cloud accounting can be an excellent option to boost your business.

It shares information and data with colleagues and clients from any remote location. Anyone with company authorization can access this account anywhere and anytime.

Cloud accounting is also effective during the pandemic because it assures safety to all-important documents. No matter what the emergency, all your accounting data is safe in clouds.

Furthermore, cloud software automatically upgrades its system to assure safety and efficiency. It is also cost and time efficient.

Stay Connected With Employees

You have to use online tools to stay connected with all of your accounting firm employees. Make sure the chain of command goes smoothly to ensure productivity.

Some of the best online tools for business communication include:

  • Video Conference: Google Meet, Zoom, Skype, etc.
  • Team Communication: Whatsapp, Slack, etc.
  • Tasks and Project Management: Airtable, Trello, Novatools, etc.
  • Shared Documents: Dropbox, Google Drive, etc.

Your accountants are underrated superheroes of your business. They can help you to predict the future financial condition of trades. It is important to prospect the upcoming needs in these coronavirus crises.

Also, you have to navigate budgets to sustain your business. Make sure you have good collaboration with accountants and always keep an eye on the market trend.

Other than business purposes, arrange online town hall meetings to discuss employees’ problems. Surely, COVID-19 and lockdown conditions can create enough mental stress on employees.

In the case of clients, ask about their health issues and have some open discussions apart from your business goals. Make sure you care about your clients and employees more than you care about profit.

Don’t Overlook Hygiene In The Workplace

Viruses have no real restrictions from entering your office space. The invisible enemy of the coronavirus can stay on your desk, phone screen, keyboard, or any other place touched frequently.

Make sure you follow common health guidelines to stay safe in the pandemic. Use hand sanitizer every hour or two or wash your hands with soap for at least 20 seconds to kill potential germs and viruses. Also, you must avoid touching your face as much as you can.

Other than that, spray disinfectant solutions on most used items like keyboard, mouse, mobile phones, and desk surfaces. Mop floors with disinfectants at least twice a day.

If possible, contact doctors and take telemedicine advice. Don’t take the pandemic lightly and think you are safe from others. Your preventive measures can save you and your employees from this horrific pandemic.

Final Verdict

The pandemic outbreak pushed people to find new alternatives. You have to continue working and stay safe unless things return back to normal.

This digital interface is now creating a huge impact on human survival. This could be the next big generation trend.

Let’s fight this virus with new hopes and opportunities.

About the author

AP Community

AP Community

Accounting Path community writers are passionate financial & businesses thought leaders eager to share their experience & ideas. Please note, community articles may contain links to products or services which we do not formally endorse and/or for which we may receive compensation.