How Accountants are Showing Their Worth During the Global Pandemic

June 18th 2020 | Posted by Dave Cross

How Accountants are Showing Their Worth During the Global Pandemic

How Accountants are Showing Their Worth During the Global Pandemic

Accountants know that they can provide value to a business with the financial support and advice that they provide. They have the knowledge and experience that is vital to fulfilling this role.

So, the benefits that accountants bring to a business are nothing new. However, they have been brought into the spotlight more since the current global pandemic began. This is because accountants are central to helping businesses to save money and protect revenue at this time.

Why accountants are vital to businesses at this time

Depending on what their role is within a business, accountants have been helping with the navigation of the government’s support schemes. They have also been central to the ongoing plans to optimise the cashflow of businesses, giving them the best chance of survival and growth once the pandemic itself is under control.

As part of this work, accounting professionals have been required to develop models and forecasts. By doing this they have given businesses the detailed information they need to plan the best way forward in what is set to be a challenging economy for months, and possibly years, to come.

Accountants are being of particular value to smaller businesses at this time. They are there to relieve some of the pressure by helping to give owners the best possible opportunity to protect the businesses which they have invested in so heavily.

Specific support that accountants can provide

One of the biggest benefits that a business, especially a small business, can get from an accountant at this time is the “hand-holding” that they can provide. Even in these hugely testing circumstances, it’s comforting to have a confident and knowledgeable professional around.

For this reason, it’s vital that accounting professionals pay careful attention to the way that they interact with clients. They need to be able to provide empathy and support as well as simply coming up with the numbers and providing up to date information such as the latest details of the government’s job retention scheme. Providing this type of service means that accountants can show businesses that they are a vital expense which should be maintained. This means that they are more likely to remain in high demand.

Making sure that they are in high demand is vital to accountants who have their own business to worry about. After all, there are thousands of accountancy firms in the UK, so remaining competitive is important at a time when opportunities may be restricted.

Bearing all of this in mind, it’s clear to see that highly knowledgeable accounting professionals are in demand by businesses. The requirement for specific accounting knowledge will continue once the medical crisis subsides as businesses need assistance to navigate the financial repercussions of the pandemic. This makes it essential for accountants to keep up to date with the ever-changing financial landscape. Doing so puts them in the best possible position to ensure that their own businesses remain secure.

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