The positives for the accounting profession from the pandemic

There is no doubt that the global pandemic has been horrendous and we are still not out of the woods.

More than 120,000 people have lost their lives and everyone’s life has changed in some respect.

Against that backdrop, it may sound flippant to talk about the potential positives for accounting firms. However, this aspect cannot be ignored. It’s important to note that not all the news within the industry is bad.

Financial benefits

One way in which the situation around COVID-19 has brought advantages to accounting firms is the resulting financial benefits.

• More people working from home means that accounting firms can decrease the amount of office space they have. In some cases firms may find that they do not need a central office location at all. This means that there is significant potential to save on office rental costs.
• As more accountants meet with clients virtually, costs related to travel and hospitality decrease.
• Furlough payments in place for some firms have reduced staff costs.

Aside from the financial advantages, a more flexible working environment has been beneficial to the health and well-being of many accounting professionals. This aspect, combined with the financial impacts, make it likely that many firms will continue to embrace remote working as the crisis subsides.

Also, as we begin to emerge from the pandemic, accounting professionals have the opportunity to develop and maintain valuable relationships with clients in the current and ongoing environment.

Opportunities to develop ongoing productive relationships with clients

Throughout the pandemic, the UK government has provided financial support for business in what has been a challenging situation. This means that businesses are in a place where they are more able to keep up with costs than they would have been without the support. Once of these costs is paying their accountants which is good news for accounting firms.

Despite the help that many businesses have received, they are still likely to require assistance to thrive in the future. This may involve processes such as planning financial recovery. Accounting firms have an opportunity to be central to this process bringing them the benefits of additional income and developing productive ongoing relationships with current and new clients.

Aside from the financial and business advantages that many accounting firms have gained as a result of the global crisis, there is also a human aspect to consider. Like many other professionals, accountants have relished the opportunity to spend more quality time with their families. They have also spent less time and money commuting. This is in addition to being relieved from the stress that a daily commute can bring.

Of course, accounting professionals have not been immune from the pressures and very real fears that we have all experienced since COVID-19 came into our lives. However, it’s important to recognise the positive impacts brought about by the pandemic and to embrace them as we hopefully make our return to some sort of normality.

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