What’s Next: Accounting for The Next Stage Of COVID-19?

 The coronavirus crisis affects everyone. But now that you are used to the initial break, you need to look away - away from experiencing something every day but thinking long-term. Re-build your accounting firm, develop your people, uphold your values, and continue to provide essential assistance to clients. No one knows what will happen next. They don't know what the economy will be like. They don't know what limits and unforeseen circumstances will exist for how long. And you don't know how your customer is doing.

So, it is obvious if you are not sure how to prepare for the next step without having a reliable prediction of what will happen.

Strategic planning even in uncertain times

Even if there are undefined things, you can still make a strategic plan. The best place to start is by evaluating your plans for 2021. By investigating what has changed, you will have a good idea of ​​the amendments required in your plans for the future. As a leader in your accounting firm, you will tackle the immediate problem of COVID-19 and plan for the future. Once you've made plans for 2021, you don't have to give up. First and foremost, the goal of a plan  is to set goals, but you always maintain the ability to adapt. There are two parts to revising your plan. First of all, you must ensure survival in the worst-case scenario. Second, you need to plan for growth while keeping consistency with your values.

Survival planning

To create a strategic program, you will need to run several scenarios. Entrepreneur and investor Mark Cuban lately said he advised companies to "plan for the worst & hope for the best". Your strategic program includes a picture of your finances, along with your team infrastructure and customer growth strategy. If you want to survive, being pessimistic will help. Think of what-if scenarios as losing customers or slowing growth. Hopefully, this won't happen, but it gives you a chance to make up your mind if the financial recovery is slow.

Planning the next one

As you plan for survival, you also want to make plans that include future preparation. Even though things have changed in the world, many things have remained the same. Why did you start the company? Where do you want to be in 10 years? Use these clarifying questions to help you think of short-term solutions. Almost certainly, even if you fail, your overall goals will still be achievable.

A mistake you don't want to make is losing discipline in marketing or operations. If you stop communicating with prospective clients or do business with unprofitable customers, you won't be in a good mood to thrive during better times.

Use reliable data to assess your current situation

It has dominated the news since the coronavirus crisis began. The challenge when there is a flow of information from multiple sources is knowing which information is correct. You can trust your data in any situation. Again, you can't predict what will happen, but knowing where your business is now is useful. Preparing & updating this knowledge is the key to making the right decisions. You must have a functioning & financial control panel. This can be done in a variety of formats, from multifaceted and high-tech to something you have developed and pursued yourself. Whatever you do, pay attention to the following:

•  Focus on important indicators

•  Keep it organized

•   Always stay updated

Have the right systems and infrastructure in place 

How long this new norm will last is not known. With many believing that the coronavirus will forever change the way companies do business, things may never be the same again. Now is the time to make sure the system is in place to keep your work going. Look back at the major challenges you've faced over the past few months and find out what gaps you need to overcome, then join them.

Here are few questions to pose yourself to make sure you have the right system organized:

• Technology: Can your team work remotely? Does everyone have access to all the files they need to keep working? And do these things work together and do the team have the necessary context?

•  Communication: Are you practising communication habits that reflect the new way your team works? Does your team communicate efficiently with the tools you use? Are you concentrating on fewer tools without better separation of communication and team behaviour?

• Eliminate congestion: Who or what causes impasses in your company? If it's human, find a way to have options if you have to stop working for any reason. If it's a tool or software, invest in and train others on your team to use it. And above all, ask yourself: To what process am I being a hindrance?

Take extra time to plan

The fact that you don't know how things will appear next year, next month, or even tomorrow, is why you need to put more effort into planning. Companies that think ahead and prepare will be stronger and more successful.

Maybe now you need to keep up with developments, maybe you need to radically change the way you do business. After all, the best thing you can do is to ensure you are prepared.