A Guide to Remote Accounting During the Covid Situation

Accounting During the Covid Situation

August 22, 2020

The Covid 19 pandemic has taken the world by storm. As socialising has dipped with a call instead for social distancing, workplaces have found themselves struggling to embrace a new work culture. Work from home is now a necessity as employers strive to reduce potential risks of infection by reducing the thrust to work in an office environment.

While keeping a firm check on the pandemic and possible chances of transmission is wise, this does not mean that your business need suffer a nose dive. While you are charting these new and unexplored waters it is no surprise to know that the books have suffered. Keeping a tab on accounts is not that convenient at the best of times as taking time out for something other than business is ever business person’s nightmare. Instead, keep abreast on the new developments and government measures that can help you save as an employer via remote accountancy services.

Getting the most out of technology

Most accounting firms have already made arrangements to battle the Covid situation and so, even if their main offices are closed or running on minimal staff, the rest are working from home. Though for many people accounts seems to traditionally be a face to face venture, this need not be the case. You can as easily relay your details over the phone and follow up with the same via email. In fact, many employers who are furloughing their employees simple mention the name of these employees and their duration of furlough to their accountant. The claim process thus, need not be handled by the employer.

Therefore, instead of actually getting down to sorting out the accounts when your business could do even better with your undivided attention, rely instead on your accountant. Also, the new flexible furlough scheme that has been introduced is much more confusing to process than the former version, hence, it makes sense to get help. After all, your accountant is only a phone or email away.

Accounting and taxation on the cloud

Cloud accounting too is gaining momentum. While taking computers on remote is an alternative measure it does slower the working speed and so, the cloud accounting concept. The P11 D(b) deadline just passed by but suppose you don’t know how to make the payment in the current scenario who do you turn to? Or when it comes to the fact that The Pensions Regulator hasn’t exactly relaxed rules, how do you see that your pension contributions are up to date? Keeping all this in mind it definitely is better to trust a professional to handle things during a trying time.

There are many grants and loans too in the offing. And the Coronavirus Job Retention scheme has a rather self-explanatory name. The government wants employers to retain staff and is ready to pay for this. Thus, if you are facing difficulty in making payments the best thing to do would be to take advantage of the grant as the pandemic situation that we are facing is unprecedented.

From the Accountant’s perspective

Though unprepared for the sudden shift from workstation to home - workstation, thanks to technology and internet connectivity, things have definitely taken a shape for the best. Accountancy firms have found that the current internet services do not slow work down as much as was initially expected. Also, using video conferencing, colleagues can communicate better, and there is always the phone and email to factor in.

Also, if clients have a problem explaining things a video call is much like a face to face conversation and it is possible for the accountant to present things on the video screen. Therefore, despite Covid there is no dearth to accounting services in UK. The more techno savvy the better.