The accounting challenge of preparing for the new normal

September 18th 2020 | Posted by Dave Cross

The accounting challenge of preparing for the new normal

The accounting challenge of preparing for the new normal

There is no doubt that preparations need to be made as businesses are expected to operate in the new normal. Accounting professionals have the opportunity to work with clients at this time, to make this planning as easy as possible.

Of course, accountants also need to consider how their businesses will operate at the present time, and for the foreseeable future. So, how will this work for accounting professionals?

How accounting professionals can help clients

Let’s begin by looking at how the best accountants are helping their clients negotiate a situation that no-one has experienced before.

Ensuring that businesses understand and implement the rules

No business can afford to be on the receiving end of restrictions or fines as the result of not adhering to government rules regarding the way they should operate safely.

Following the rules also helps a business to protect its employees which helps it to continue operating successfully. Accounting professionals can help their clients to understand what is required of them, making compliance a lot easier.

Making sure that additional precautions are put in place

Businesses can also protect themselves by taking additional precautions such as increasing the amount of additional space available. Accountants can help clients by working through their plans with them and helping them to address costs.

Special assistance for hospitality clients

The hospitality industry is facing a particularly uncertain future. For this reason, top accounting professionals are providing specialist support for clients in the industry.

This includes walking through the customer experience with the client paying close attention to factors such as space requirements, the practicalities of outdoor dining facilities and PPE for servers and other employees.

While providing this type of support for clients is essential right now, the best accountants are also paying careful attention to their own business practices.

Considerations for running an accounting business at this time

It’s not just clients who have to adapt to the new normal; accounting professionals do too. They have to consider how best to run their practices to enable safety, efficiency and the best possible service to clients.

This could include the potential for members of the team to work from home. This is likely to be the case in many top accounting firms in the coming months. It makes sense in an industry where working from home was already common prior to the COVID-19 crisis.

There is no doubt that working from home brings benefits other than the safety aspect, such as less commuting time, improved productivity and a better work-life balance for employees.

However, accounting firms that want to embrace changes such as increased levels of home working have to make sure that they have all of the necessary facilities in place such as a reliable document management system and a VOIP phone system.

The new normal is certainly a challenging time for accounting professionals. However, there are opportunities for the best accountants to advise and support clients as well as optimising their own firms to meet the challenges.

If you are an accountancy professional looking for your next role, register with us.