Ann Marie Puig discusses how accountants are modifying their activity due to COVID-19
Date : July 24, 2020 By
In the midst of the review and expense season, accountants and their organizations need to acclimate to the worldwide effect of COVID-19. Every aspect of business operations has had to be modified because of the pandemic, and, at the core of it all, is accounting. Several changes have been implemented to help businesses offset their losses, and Ann Marie Puig, a seasoned entrepreneur, accounting expert and philanthropist from Costa Rica, discusses some of the more common changes accountants are making to deal with the situation.
For most accountants, there has been a need to completely adapt their activity to updated guidelines and policies, but reporting criteria have changed, which is facilitating the transition. This deferral, alongside the shutdown of schools and superfluous organizations, further uncovered the degree of the COVID-19 emergency. States Puig, “For some organizations, a proposal to telecommute was right away followed by an order to remain at home. These orders brought about accountants and their organizations, alongside various different organizations, having to rapidly adjust and alter their tasks to keep on serving customers.”
Accountants have consistently acknowledged that their communications with customers changed fundamentally because of social removing measures. Numerous workplaces needed to make pickup/drop-off stations or vehicle side administrations to take into account customers who are new or incapable to get to electronic records. Different firms have needed to depend all the more so on mail, dispatch administrations, messages, calls and virtual gatherings through administrations like Skype or Zoom to speak with customers.
“During this season of monetary vulnerability, customers seek their money related consultants for direction,” Puig adds. “A few customers need assistance exploring the as of late passed Coronavirus Aid, Relief and Economic Security Act, known as CARES. Conversely, others need to keep on dealing with their expenses to keep up some feeling of regularity. While numerous respondents in the examination referenced that the capacity to work with customers in this quickly changing condition may be testing; numerous likewise referenced that it presents chances to serve customers in new manners.”
The reactions additionally suggest that numerous organizations have changed their work schedules and representative communications to follow social separating. A few workplaces had the option to rapidly change to a completely far off condition because of existing framework, for example, cloud-based programming. Be that as it may, different firms have been not able to let their representatives telecommute because of customer data protecting. Thusly, these organizations have needed to actualize estimates; for example, the 6-foot-separated guideline to guarantee the wellbeing of those in the workplace.
In addition, accountants emphasize the significance of ongoing communication with workers. They understand that it is basic to ensure that both staff and customers comprehend what will occur and what alternatives they have pushing ahead. Numerous bookkeepers additionally focus on that being accessible and addressing questions quickly assisted with lightening worker stress. There were likewise records of virtual pizza gatherings and everyday espresso gatherings that permitted firms to remain in consistent contact, just as give a social outlet to workers.
Says Puig, “It is highly important that staff maintain communication with customers. This is fundamental right now to keep up and fortify connections. Staff need to comprehend the new work process and customers need to know their accessible choices.”
For certain organizations, the progress has been moderately simple because of their demographic or how their firm was set up. Be that as it may, some employees have not stayed aware of technological advances in the business, so some staff have needed to help more established representatives for this change distantly.
In any event, accountants realize that customer liabilities have been adjusted because of the financial conditions. Numerous customers are probably going to experience money-related pain and firms need to impart how they can serve their customers in new manners, incorporating help with representing resource or business impedances. In general, during these seasons of vulnerability, keeping up a positive firm culture and rewarding workers well can fortify company and client loyalty.