The raging COVID-19 crisis has created shockwaves around the world with humanity on its knees before the coronavirus. The US is one of the worst affected nations, with business activity and economy coming to a virtual standstill.
The new normal where people are working remotely is going to become the norm across the globe for business to continue. For accounting firms, this is an opportunity to evaluate and streamline operations, and sharpen focus on increased client interaction, and niche marketing.
With the rampant pandemic, many businesses have their employees working from home. With the traditional focus on desktop-based or server-based software, it is painful to provide complete access to the staff working from home. This comes with compulsions of transferring large data files to and fro, installing the necessary software on the remote workstations apart from taking great security precautions to maintain the safekeeping of confidential information.
Cloud applications such as QuickBooks Online, Xero, QuickCloud, and many other accounting application hosting providers offer complete functionality securely without maintenance hassles or remote connection issues. It is as simple as setting up a user ID for the staff and set the necessary authentication levels for additional layers of security. This frees up time spent configuring VPN connections, installing software, and remote access. This will mean reduced dependence on IT staff to resolve technical issues. With the switch to cloud-based software, working remotely will ensure minimal impact on your accounting operations.
In addition to this, cloud applications provide electronic interfaces to banking systems. Hence, the need to have paper statements is eliminated. There are also applications such as Bill.com, Expensify, HubDoc, LedgerSync, and others that deploy the latest technology to read and load expense receipts and invoices from PDFs and images. The need for manual intervention for payments is minimal.
In these troubled times, it is a relief to not have to handle paper invoices, manual approval protocols, physical checks, and mails out. Contactless invoicing and payments – all done electronically at a fraction of the time previously spent. This automation process is another step towards increased efficiency for your firm’s operations.
Embracing the cloud brings into play another fascinating option to cut costs, increase revenues, decrease risk, and free up valuable time for you to focus on strategy. Outsourcing of bookkeeping to experienced professionals who can take control of the processing smoothly with a full-service team including Chartered Accountants, CPAs, and post-graduates stimulates growth and opens up other opportunities.
With secure remote access to accounting software and data, and able communication via email and conferencing modes, you can strengthen your virtual presence. In case of emergencies, you can count on a backup team ready to be deployed at short notice. This will thus ensure minimum impact on day-to-day operations with an experienced team to back you up.
One major impact of the coronavirus is the slowing up of business in general. With new investments ruled out and existing investments pulled in, raising debt is a difficult task. However, growth prospects will continue to improve as the economy turns around. That is the time to ensure you are in the fray with a cleaned up and lean business model. With the backing of experts who understand your economy and business ecosystem best, it is time to transfigure challenges into viable opportunities.
At GKM, we are available to discuss your needs and support you with customized staffing solutions, as always! We look forward to teaming up with you to treat these times as an opportunity to serve, learn, and grow.