Finances in the world of 2020 are all over the place, as COVID-19 has had different effects on the various businesses and individuals’ daily operations. People have suffered the consequences of joblessness, economic turmoil, and other mental health issues because of the stress the whole pandemic has caused. On the other hand, businesses have been struggling with their sales and marketing, as the global recession has taken a toll on the way cash flows worldwide.
Certified public accountants (CPAs) have been working tirelessly this year to provide various entities with the ability to stay afloat and keep up with today’s constant financial needs. The pandemic has shifted many industries into a disaster survival mode and has forced many companies to enter an update-or-die crisis. No one was able to prepare for the impact of the pandemic, and here are three things that it has taught CPAs about their practice:
1. The Cloud Is a Must-Have
When it comes to daily operations, survival would not have been possible without online software and applications. With work from home becoming a norm in today’s world, cloud computing software like Google’s GSuite made it possible for months on end. Whether it was working on spreadsheets, collaborative document editing, or other meetings, software made everything possible.
Accounting management software has proven to be necessary for any modern-day CPA, as the cloud storage of data and information of various clients requires streamlining. Additionally, being on the go and having access to all kinds of data in case a client requests it in an instant is an asset to any CPA’s toolkit. Many software companies invest heavily in online security, as the digital world’s threats are always at hand. Cloud computing is much safer today than ever, and accountants will still benefit from software that helps track and manage various finances from anywhere they find themselves.
2. The Hardware Used Matters
Many CPA firms used less-than-ideal hardware and other peripherals to do work, which significantly reduces workers’ productivity. However, being crammed into the work from home setting means that accountants can do plenty of shopping for their personal hardware and peripherals to make the job easier. With good tech like an excellent and tactile mechanical keyboard, inputting endless data columns is not an issue and will be met with comfort.
The cloud offers various software that can be employed from home and easily used with many bought devices. CPAs no longer have to work irritably using accounting workflow software with outdated hardware, as using newer and more powerful units is possible from home. Many accountants work much faster from home and with their own setups because of how they are tailored to their specifications and not stuck to old units that have seen better days.
3. Office Operations Are Not One-Size-Fits-All
While many people don’t precisely fit the work from home setting, many were still able to adjust slowly as the pandemic ran its course. In fact, many of those working from home managed to save a lot more money than when they needed to commute to work and physically report to the office. There were challenges initially, but people are resilient and find ways to continue working and assisting clients in getting what they need. Working from home has proven to be efficient and effective despite all the criticism it initially got from leadership positions, thanks to effective technologies and software.
2020 has been an eye-opening year for many people and businesses, as it is evident that complacency is a killer. With the world a different place today because of the new normal, it makes sense that people adjust, and CPAs have been able to do so thanks to technology. The best of accounting management software has made accountancy jobs easier despite being away from physical offices, and this is something that is here to stay.
My Firm 360 offers an effective accounting workflow software that assists CPAs and their respective firms with complex financial operations solutions. Our software allows improved client consolidation and better accessibility to data and other billing processes. Contact us to learn more about accounting management software today!