It is no secret that Covid-19 has impacted almost every line of work, but those in accounting have especially found themselves in unchartered waters, with accountants having to reinvent their job function due to the global pandemic. Stress-tested by the economic crisis, accountancy is a profession that is emerging more respected and stronger than before.
A lot of accountants have had to be reactive and proactive to the unprecedented changes within the business world, to help their companies remain successful during the national health crisis – and post Covid-19, in what we can all hope to be in the very near future.
During the last several months, accountants have leveraged all possible means in order to get their job done in a fragile environment, in turn, businesses have become more reliant upon accounting for more than the month-end completion. Coronavirus has forced more business leaders from all business frameworks to depend on accountants more than ever with accountants needing to prioritize different services and be more proactive in their aiding measures for their clients.
At the very beginning of Covid-19, small businesses and sole traders were faced with the unprecedented realisation that they’d have to close their doors, without knowing when or if they would be able to re-pon. Add to this the chaos surrounded the Paycheck Protection Programme, the uncertainty around government grants and benefits entitlements and it’s hard not to sympathise with the stress small business owners and sole traders were under. Many people turned to their accountants for financial guidance and help, which only they could provide. Accountants play a key role in a business surviving the Covid-19 economy with finances having the attention of all businesses at this moment. Due to financial health being crucial to a business’s survival, accountants have been providing guidance and advice as well as forecasting to help their clients come out of the pandemic and stay afloat for the months and years to come. An accountant can help a business to take the right steps in order to minimise the impact of Covid-19 and provide guidance through the Government’s series of measures that have been put in place to provide business support, such as; Bounce Back Loan Schemes, Coronavirus Business Interruption Loan Scheme, Coronavirus Job Retention Scheme, Self-employment Income Support Scheme, Statutory Sick Pay (SSP) arrangements, Deferral of VAT payments and advice on how to talk to HMRC regarding the current support packages there to help with businesses upcoming tax bills.
Small and large businesses are looking towards accountants for them to provide financial literacy that’s needed to seek new business opportunities and identify any blind spots. Although nothing is certain looking towards the next year in industry, what is increasingly common is the importance of accountants and them being a much-needed lifeline for some time to come. At DNS Associates you can see exactly how an accountant could be profitable for your circumstances, through a free online quote, and find out more regarding the many unknown benefits of having the right accountancy firm in your corner during our ever-changing business world.