How Covid-19 Will Further the Need for Efficient Accounting
From startups to large businesses, no one has been spared from the inevitable wrath of Covid-19. Evidently, most businesses have had their fair share of the roller coaster economic trends brought about by coronavirus. With the latest lockdown measures, business owners will be reaching out to secure professional accountancy services.
The pre blitz London business trends are not the same as now, forcing business owners to innovate. Profound Covid-19 effects have led to a shift from remote working to an e-commerce way of life.
Have you ever noticed how much accountancy and commerce are linked? As much as accountants are perceived invaluable, no business can afford to run without one in this unfavourable climate. There is an increased need for financial forecasting and real-time revenue data.
Fact: money got scarce during this pandemic forcing redundancies, employee furloughs, bank loans and other effects.
Get this! Only healthy businesses will make it through the coming months/years. Part of achieving this is by having the right mechanisms to maximise resources. Amidst millions getting vaccinated, the pandemic is still here, increasing the need for people to work more effectively remotely. Seamless financial agility requires access to relevant financial information from any location by the employees and respective accountants.
The long-awaited digital transformation is finally here, somewhat with a bump. The revolution extends to bookkeeping, accounts and financial forecasting for businesses.
How Businesses can defeat Covid-19
It is evident that when the pandemic hit, some businesses were better equipped to cope. With everyone now working from home, cloud-based accounting is now orthodox.
Traditional accounting means it is hard to access figures and information. It is because most if not all company employees are out of the office. Companies that adopted cloud accounting are at an advantage even during these intermittent lockdowns.
Yet, if remote working is set to continue, then it is high time to switch.
How we can Help You through Covid-19
From small to large businesses, real-time reporting through Xero or other mediums can prevent your business from going under. Also, taking advantage of tech comes with a string of benefits like:
- Secure storage of financial data
- Accessing and instant sharing of information with your accountant and more.
Besides, with our cloud-based accounting systems, employees can access data any time from any device, be it working from home, on a bus or at the office premises. With constant updating and data synchronization, there are no delays in reports and payments and, your accountant knows your cash position at all times.
Advantages of shifting to cloud-based accounting
Besides its inevitable nature, change is good. Through business automation like linking bank accounts, invoicing and, others, you are guaranteed the following:
- Multi-user enabled platforms for all employees
- An accurate cash flow forecasting with a real-time snapshot of the business status
- Efficient tax management. We can handle all tax returns, VAT and provide subtle feedback
- Online invoicing to ensure smooth payments and business operations.
As a small business owner, you want to set your business up for success post-Covid-19; moving your accounts can make your operations supple and less vulnerable. A cognitive and real-time accounting enables Ernest & Co Accountants to do more for you by automating tasks while you comfortably run your business.
For efficient accounting, contact us: