Pivoting Your Accounting Operations With The Covid-19 Pandemic - What to Know
March 27, 2020
The sudden outbreak of the novel coronavirus has effectively upended most businesses in varying industries. For a lot of these companies, their operations have curtailed, their revenue has plummeted, and there's no way in telling when there will be a chance to recover. For a business to stay afloat, the company must react to the situation accordingly lest allow themselves to fail without a fight.
It's easy to feel hopeless during this trying time, but where there is change, there is opportunity. If you're running a business, despite operations having taken a hit, you may want to fix other facets of your business that don't usually get the attention they need — including accounting. You may want to finetune your accounting processes at this time so you can be ready to crunch numbers once this pandemic blows over.
Here are some of the changes you can do to come out stronger than ever:
Switch to the cloud.
If you're still going old school, you may benefit from switching to a server-based software and migrating your data to the cloud for easier access. There are tons of applications on the market today that offer full and secure accounting software functionality that do away with the usual hassles of maintaining programs. The best thing about them is you can remotely access them whenever you want. And now that most companies are adopting a work from home set-up, your accounting staff will find it challenging to work without their desktop software. Pivoting to a cloud-based program allows you and your staff to be productive remotely.
Automate your processes.
Everyone knows that accounting typically involves the use of paper, from receipts and statements to invoices and tax returns. If you want to lessen your impact on the environment, automate your processes and resolve to eliminate paper, or at least minimize your usage. Switching to a cloud-based software grants you access to artificial intelligence tools that you can take advantage of to automate your processes. You can upload invoices and receipts and turn them into PDFs and photographs, as well as pay vendors and employees electronically. Some programs even categorize your files automatically for better organization and management. If you're paying other people, the approval process can usually be approved from a smartphone or web browser. No longer will you have to write checks, procure envelopes, and go to a mail carrier. You'll be more productive as the time-intensive processes are eliminated.
Use a workflow management tool for easier collaboration.
The concept of collaborating remotely might be absurd, but it's actually viable as long as you have the right tools. Software like Firm 360 makes collaboration a cakewalk. It gives everyone in the team full visibility on the team's workflow, eliminating surprises and giving people a definite date as to when a task is due. The status of each initiative is clearly outlined, and so do the tasks that are lined up and those that need extra attention. The tool also features automated time tracking, so you'll know how much time was allotted on each project, and there's an efficient document management built-in that can help you manage a variety of essential documents for clients.
Your accounting operations do not need to take a backseat just because we’re experiencing a global pandemic. Just as long as you’re willing to approach things differently and pivot to digital platforms, you can proceed with business as usual. If you need access to a small business accounting software that makes remote accounting management easier, get in touch with us to see how we can help.