The COVID 19 pandemic has hit the world just at the advent of a new financial year. The economy, on the whole, has been majorly affected due to this global mishap. However, our spirits are high, and humanity will bounce back with more confidence and enthusiasm on the business front soon.
Even though business operations, in general, have taken a back seat, not just in the US but all across the globe, there is always scope for improvement and betterment in the gravest of situations too.
Let us take this present challenging situation as a stepping stone to newer opportunities and scope, to improve on departments that otherwise do not receive much attention. This mainly includes the accounting department of a business enterprise.
With e-commerce industries already floating widely in the markets, there is work on the flow for supply-chains, even if it is a bit lesser than usual. In these challenging times, let’s not let our work decline and let us mend our company accounts so that we emerge stronger and better in every possible manner.
How to manage accounting activities during this period?
We would have to re-strategize our entire accounting department and systems to keep sailing through these tough times. Here are some tips that would keep us ahead even during these challenging times of the COVID 19 pandemic.
Use cloud-based accounting software
The best way to not let accounting operations suffer in the present scenario of COVID 19 pandemic is by getting the accounts on the cloud. There are various server-based software that permit the user to access the domain through a single user ID, yet maintain their security with the help of two-factor authentication security code. This way, the accounting staff can operate from home and work on cloud-based software, thereby keeping business operations intact even during this lockdown period. Common and trusted web based/online accounting software includes QuickBooks Online, Xero, Yardi, Appfolio, Sage.
Outsource your accounting operations
Outsourcing accounting operations is also a great way of keeping accounts in an integrated fashion and making systems run smoothly during the COVID 19 pandemic. This way, the virtual accounting team would keep operating without facing much impact due to the present pandemic. Knowing the fact that an entire team is up and ahead to take care of accounting operations, it would mean that the team would have enough scope and time to concentrate on other financial decisions important for our business to prosper.
Switch to the automation of work
The present situation provides a leap to use cloud-based accounting systems. Under this system, artificial intelligence technology is used to pay vendors, upload invoices, and carry out other accounting operations, thus nullifying the effect of Coronavirus on accounting operations of a firm. This entire process helps in automation of work processes and assists in eliminating the usage of paper for making accounting entries.
Make your business investment-ready
Even though the markets are declining and are on all-time low figures, this is the best time to invest in both equity and debt fund. The fruits of this would show as soon as the economy turns around. So, we need to start shaping our business to make it appealing to investors. This is the right time to clean up the business, make current operations efficient, clean up historical financial data, and make room for better marketing, sales, and innovation. Businesses also need to try and understand the investment ecosystem and focus on accounting with the help of experts in the field.
The present times are quite disturbing and distressing, especially from a business point of view. However, we should think positive and take things in our stride as they come. Mending and managing our accounting department and keeping them updated now can help us get a transparent view of our standing when things get better, and the economy rolls back again with a bang.
OHI is a specialized finance and accounting outsourcing service provider with over fifteen years of finance and accounting outsourcing experience. We have strong functional outsourcing expertise in end to end accounting processes covering daily accounting activities, reconciliations, month end and year-end account finalization processes, employee reimbursements, payroll processing, management reporting and financial analysis.
OHI serves close to 300+ clients across USA, UK and Canada. We invite you to experience finance and accounting outsourcing through us.