Accounting services are needed and are essential to appropriately plan the future of the business as well as the current situation of the company. An accountant should help in the analysis of the financial data of the company to provide better direction.
Now that COVID-19 has turned the world upside down and organisations are in disarray, accountants are becoming the emergency workers ‘front-liners’ and trusted advisers that are crucial to understanding the financials of the company and having to step up to help clients by providing a supportive role ‘shoulder to lean on’.
As things start to go back to normal, we can see that small business owner are incredibly stressed and overwhelmed with managing their business going forward in the year 2020. Hence accountants need to serve as beacons or a lighthouse to steer the way as businesses seek for the expertise and insight from accountants to offer their guidance on key topics such as; how to manage cash flow and continuity planning as well as general advisory on the business financials. Financial advice and communication from a trusted accountant is vital during these uncertain times especially working through these very critical times and coming out of the crisis and working beyond.
Unlike the traditional way of meeting with clients ‘face to face’ we have adapted to the new way of meeting our clients done online through meetings on various online portals. This way, we are able to meet with our clients all over the world and yet still have the ‘one to one’ meetings and discussions. With this new way of communication, clients can still feel connected to us and still have the ability to share information as before. We are readily available for our clients and feel that the online portals offer a way for clients to connect with us whereas before it had to be done in a meeting.
One good outcome is that this situation has pulled everyone into a tech space, which they have been a bit reluctant with before. Accountants are now setting up regular Zoom or Skype calls to keep clients well-informed giving confidence, as well as keeping them knowledgeable about further developments.
In times like this, it is not all about the time-sheets as this is also a good opportunity for the accountants to add value to their clients and build respect in their profession. They are doing a significant amount of non-fee-earning work to ensure clients are financially safe and being well looked after.
Accountants aren’t like any traditional emergency responders, but they have to help ‘triage’ the businesses current situation and help to find a way to solve the bleeding of cash or investment and stabilise the financial situation to make sure that the companies are able to survive and be prepared to bounce back once the pandemic is gone.
We don’t know until when this health crisis will last, but we can now start to plan to fight the economic crisis. Our mindset and attitudes are the only things that we can control in every situation and us, CRESCO Accounting Ltd., chose to be extraordinary as we believe that this crisis is a call for us to step up and add value to the corporate world by providing timely and tailored accounting services for business owners or decision-makers.
With the existing technology and current set-up, we are fortunate that we are used to working remotely with our clients so the adverse effect of COVID-19 did not significantly affect us in the way we currently work. We are more than happy to offer businesses – clients or not – free consultation to help you gain more knowledge on how you can quickly manage your business and bounce back after hitting the ground.
CRESCO Accounting can help you with your requirements for preparing cash flow projections, debt restructuring, profit or business improvement studies, and accounting and payroll processing. We would be happy to discuss any of your requirements.