COVID-19 - Virtual Accounting Preparedness

Global FPO surveyed 200+ business owners and accounting firms to understand and gauge the tangible impact of COVID-19, on the business financials, amid worries of a second wave of COVID-19 infections. This survey reflected the grim reality faced by finance professionals & SME owners, owing to the countless complexities related to the ‘business-as-usual’ close.

Also Read: Understanding the Location Metrics of Virtual Accounting

Since early March 2020, an organization from all domains, ranging from accounting institutions to entrepreneurs has been struggling to manage a quarter-end close with a distributed and sometimes distracted workforce. Accounting services have faced challenges and are continually making adjustments to the ways they navigate these complex business challenges.

While the full impact of the novel COVID-19 has yet to be seen, it has made it quite clear that organizations of all sizes are contending with an economic and health challenge unlike any the World has seen in generations. The terrifying clause is that there’s limited precedent into how a global pandemic like COVID-19 will impact the accounting tasks of all organizations and prepare them for COVID-19-related volatility.

The businesses have shifted to remote accounting solutions amidst rebuilding their revenues and Global FPO provides guidance on how to plan, respond to, and execute the virtual accounting process, including the industry-specific considerations.

As cities and states begin to re-open, and businesses start to transition into a post-lockdown economy, there have sprouted short and medium-term challenges that will need to be addressed including:

· Restructuring plans- Global FPO works as your extended accounting team helping you overcome manpower shortages caused due to downsizing operations as a cost-cutting measure

• Delay in payments or breach of agreements- Global FPO functions on strong work ethics to deliver accurate, secure, and efficient accounting solutions!
• Unable to cope with the digitization of tax and cloud accounting software- Global FPO provides a firm yet simple transition to a remote accountability culture, helping businesses survive when switching over to technologies like cloud accounting is the need of the hour.
• Ongoing considerations to plan out contingency plans to survive: Global FPO offers reliable and resilient Business advisory & accounting services to help firms quickly adapt to the changes in the world of accounting.

To know more. Please call us at +1 (347) 781-5928 or send us an email at contact@globalfpo.com.

If you are looking for a Remote Accounting Services Firm, Contact us here to get a free consultation and quote.