Covid-19 and its Effect on Business Accounting – Instant Actions to Weather the Storm

The economy in the UK is down to its knees because of the pandemic! There’s no doubt about it. However, it is perhaps high time to admit that the statement does not tell the entire story. It is a preamble of the things to come. Indeed, the full impact of this pandemic is yet to hit us. Businesses of all scales have already started to face the heat of the wave, and have to fight against this economic nightmare. Depending upon how they have been impacted by the Pandemic, businesses have been categorized into three different cohorts.

The impact and its intensity of the debacle on businesses

The first and the largest sect of businesses are those which are functioning in a triage mode at present – putting more emphasis on areas like crisis management, reduction of the workforce, and management & navigation of virtual work environment, digestion of the new legislation, and continuity of business to ensure survival in the face of this unprecedented global crisis.

The second group consists of those that are going through a sudden spike in the demand due to this pandemic and are having trying time to meet the demand. These fortunate businesses are deemed essential and include those dealing with medical products, food, and agri-products, telecom, cleaning products are so on.

The third cluster consists of those who are yet to suffer the full impact of this mayhem. A majority of these companies are currently having a backlog in their business, which is helping them to stay afloat. However, these companies must maintain a strict vigil on their cash flow to make sure that they remain strong enough to endure in case any situation arises, when they are not able to restock their pipeline when new businesses come in.

Irrespective of the group a business falls into, it needs to take certain rudimentary, yet critical actions, which will help it to weather this storm and thrive forward. This is where experienced and certified accountants in Wokingham of reputed firms like Biz Accounting Solutions Ltd come in handy. They assist their clients through this rough weather, upon being hired by these companies.

Means to weather this storm – communication is the key

The key to success in braving the storm striving forward is communication. Indeed, the success of businesses would evolve around this core factor.  Businesses must maintain close contact between their strategic partners, employees, and the end customers.

Businesses have to empathise with the customers, put themselves in the customers’ shoes, gauge things from their perspective, and put across the message to them, they are an extended family of the business. This is not rocket science and does not take much to make it happen. Simple steps like asking the customers about how they are doing, and what their needs are, make a lot of difference. This can be done through online forums or through other communicative channels like chat boxes on websites and dispatch of newsletters.

Going the virtual way

Besides taking to the virtual world for effective communication, a business also needs to ensure that its key finance and business process are always operational in a virtual environment.

The most critical component of this strategic transition is accessibility. Businesses should move their entire operating system to the cloud, as it will help them eliminate the requirement of on-site accessibility. It will also result in better and easier data usability, whether it is for financial accounting or for making better-informed and timely business decisions. Again, the experience of professional accountants in Wokingham belonging to a reputed accounting firm will come in handy.

Thus you see, the accounting firms like Biz Accounting Solutions Ltd have an extremely important role to play in this unprecedented rough economic weather and guide their clients through in their effort to stay afloat and strive forward. If you are looking forward to hiring us, call us now at 44 7877224964 during our business hours. However, if you are calling for the first time, you are free to call me anytime.