September 14, 2020
Covid-19 has trembled the entire world belligerently. All the economic sectors were deeply affected during the lockdown period and Accounting Business is no more exception to this. Accounting professional deals with client’s financial data, filing returns, recording of transactions, consultancy service and so on. Accounting services normally include doing monthly/quarterly bookkeeping, finalisation of accounts, filing VAT returns, preparing tax return and doing management accounts.
All these tasks involve specific deadlines to be met. It also requires documents and different approaches to perform all those tasks. Keeping in the mind of Covid effects along with following social distancing norms major task of Business Accountants involved, such collection of documents, consultancy/meeting with the client and based on the available information prepare the accounts with legal compliance.
In the crisis time, internet technology has provided massive support to the functioning of accounting firms at the regular pace. Most Accounting firms have worked remotely with good effects. Let’s discuss in details how accounting firms stood up in this pandemic:
It is the first phase to start the work in order to prepare the accounts/ doing bookkeeping. Due to corona outbreak, it was practically impossible to collect from the client’s office or by sending courier. Thus, the required data were scanned using scanning software received through e-mail and cloud-based drive.
Once the data received from the client’s end next task to process the data. Perhaps the only ideal option for most corporate to tackle the covid-19 crisis is working from home. Most business accountants have worked smoothly from home and provided the best possible service. They have collected the data in the cloud or in some common drive or in email.
Further, many accounting firms have used the accounting/bookkeeping software based on cloud technology. The client has to send the data through cloud and the rest will be taken care by the accountants. They also have used widely the video conferencing to sort out the query/concerns.
Cloud based accounting softwares have played pivotal role in accounting industries as a whole. It has eliminated lots of barriers related to the accounting field and made the life of an accounting firm ever so easy.
Using these applications; accounting firms are able to increase their client base globally. It has contributed substantially to the growth of accounting firms across the globe. Taking advantage of this they have taken the required data on cloud and processed the data with the help of the software remotely.
Any query related to accounts being sorted over the phone calls/emails and works of the accounting firms continues to be performed seamlessly.
In a normal day, Once the accountant’s work gets over the immediate task to have a meeting with client regarding financial statements and finalise it. But in this pandemic the same was being done over the email and phone calls. The meeting was conducted over the calls while financial statements were sent through for the perusal of the client.
Once the client agreed and authorize the financial statement through an email, the accounts were filed with statutory authority.
Corona pandemic brought the radical changes in the work pattern of many accounting firms. It has forced the digitization of work at the fullest and shown us the new way of doing the work. Accounting firms have learnt the importance of using advanced software and cloud-based technology. It has also given the value that outsourcing provides for their practice. As the effects of pandemics varies from country to country the outsourcing of accounting service would certainly make the business accountants/accounting firms the unstoppable.