November 13, 2020
Covid 19 has undoubtedly proven that despite our living in the 21st century with all our access to medical facilities and technology; it can simply take one virus to turn everything on its head. However, perhaps it was because of that same technology that we have managed to survive to the extent we have as had it not been for technology our economy might have suffered even further.
Businesses have been forced to adapt in light of the pandemic situation. Take the restaurant sector for example; from in-house dining to serving takeaways, the change in operations correctly highlights the way the wind is blowing. The HMRC has introduced a lot of benefits for employees but at the same time they have not really relaxed the burden of reporting on the employers, hence, though the economy in places has stopped, accounting practices simply cannot. So, how have accountants risen to the occasion?
Keeping you on top of the situation
It is important to get the best of whatever help is being provided by the government. While the furlough scheme is set to end on October 31st 2020 you can still file your last claim by 30th November 2020. With furlough going out of the picture employers are in a dilemma as to how to retain their staff in the economic crisis. Your accountant has the responsibility now of keeping you updated to new schemes like the Job Subsidy Scheme. Though it is nowhere as cost effective as furlough at least as an employer you know that you are giving the best you can to your employees. Also, since this scheme is open to even employees who were previously not furloughed, in case you haven’t been using furlough you can still apply.
For employers who have previously kept staff on furlough they should not forget the £1000 bonus per employee that the government has promised in February 2020. A good accountant would be able to give you all the terms and conditions as well as smoothly process the claim for you.
Embracing the cloud
The internet has proven to be a boon in the current scenario. If your accountant is innovative and technologically savvy (a prerequisite in these trying times) then you can bake your cake, put the icing and eat it too. With cloud accounting you will get all the reports you need on time and if you want you can view them too. Also, instead of working on estimates you need to simply email the information you want to send your accountants. Thus, sharing information has never been this easy. Due to the spate in lockdowns and the possibility of more in the future, working from home has become the norm, thus, you need an accountant who would be comfortable working using remote access. If not, now is the time to change as things will become easier the more technically compliant you get.
Data is meaningless if you are unable to access it in times of need. Therefore, it is crucial that you have the right data at hand as and when you require the same.
Communication shouldn’t be the problem
Employers and business owners already are facing a lot of business-related problems at present. They do not have time to field employee queries. With the changes to furlough calculations since July, it becomes increasingly difficult for employees to understand their changing payslips and who would they approach if not the employer? For such complex queries all you need to do is simply forward the email to your accountant so that they can send you the relevant calculations and satisfy your employee. If you are more open to a chat over the phone all you need to do is ring your accountant. Video conferencing too can be helpful if they are documents that you still cannot understand.
With the advances in technology and internet speed, despite Covid 19, accountants have been able to easily communicate with their clients. This has helped at a far deeper level than just work as having an expert to guide you with accounts and payroll related work is reassuring at the very least.
Flexibility and support in these trying times
With a good accountant you need not fear flexibility as that is a guarantee. Having a technologically savvy accountant implies that you can simply drop an email when you feel there is a problem and this should be sorted within the turnaround time previously decided with you. For most payroll matters like reports or payslips the turnaround time at the most would be a day.
Doshi Accountants too has provided its clients with service beyond par, be it help in running furlough or with understanding the latest Job Subsidy Scheme. Having the right accountant in these troubled times should help to make things easier as you get the right guidance. That is what Doshi Accountants aims for, accuracy in work with deliverables that you can depend on along with keeping you both updated as well as compliant.