Building a stable organization in the disruptive circumstances caused by COVID-19 requires business leaders to think out of the box. It can be alarming to realize that the world has moved on but you were left behind. But sadly, this is the condition of a lot of accountancy practices across North America. Many businesses have found themselves adapting to modern technologies to streamline their accounting processes.
A recent report by Sage indicates:
The above report raises the question – Is your accountancy practice meeting the clients’ expectations?
What a responsive accountant should do?
- Regular cash flow reports and forecasts to help businesses prepare for deferred tax payments, and that focuses on risk mitigation.
- Using their understanding of tax laws and payroll to help clients understand emergency coronavirus business legislation, and help them apply for it too.
These accountants are at the forefront of these kind of changes and adaptations. Research has showed that an accountant’s knowledge and expertise can help in boosting efficiency and stimulating growth of business.
An underperforming practice is the one that is not meeting the needs of clients and customers in the new normal. The traditional way of accounting is likely to affect the performance of a business as it fails to comply with changing business landscape.
How moving to cloud can help?
Since finance is the backbone of every business, the need for automation and intelligent analysis is rising across verticals. The cloud-based accounting provides businesses with an online platform that offers real-time data and software accessible and is likely to help small businesses in post-COVID world. The remote access of data provided by cloud, helps companies to save a ton on maintaining an IT infrastructure of their own.
- Remote access to real-time data
The finance department of every business needs accurate and real-time information to execute their operations. This is now possible with cloud accounting applications which enable real-time reporting and accessibility of financial data for employees from any location.
- Integrated business applications
The cutting-edge cloud accounting applications like Zoho Books, QuickBooks etc., help small businesses manage their accounting and finance by reducing their time, expenses and labour needed. These applications will go beyond the existing applications you rely upon in terms of features, simply because the cloud is a superior platform with more potential.
- Increased security
The cloud accounting applications now have multiple layers of security to keep data safe and also provide two-factor and three-factor authentication facilities to users of a particular organization. This ensures high-level of security for the data stored in their cloud. Also, it eliminates the risk of data being lost due to manual error or hazards like fire.
- Seamless cash-flow management
Every business needs to monitor its cash-flow now and then to maintain the financial records up-to-date. The cloud-accounting software helps maintain real-time data to keep track of cash-flows on a real-time basis.
Client evolution is inevitable in the new normal and it is the responsibility of intelligent accountants to re-evaluate their practices and embrace responsive adaptation.
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