The world has changed dramatically over the past few months as the COVID-19 outbreak spread on a global level, forcing entire industries to shutter, and pushing the world to the edge of recession. The accounting and finance industry were especially impacted, as companies everywhere suddenly had to deal with a massive shortfall in revenue due to quarantine lockdowns, supply chain meltdown, and an unemployment rate that rivals the Great Depression.  However, companies that had accounting and finance countermeasures in place have been able to rely on relief programs in the CARES Act and the Paycheck Protection Program to weather the storm, and are positioning themselves for resurgence once the economies reopen.

How the Accounting Industry Adapts to the Pandemic

Certified public accountants and their firms have to adjust to the global impact of COVID-19. Meanwhile, SmartVault, a provider of cloud-based document management and client portals for accountants, conducted a global survey last April 1 to 8, 2020. Over 1,100 accounting professionals from different countries took part in it. Listed below are some highlights of the survey result:

  • 62% of the firms who felt they were responding to COVID-19 successfully were more likely to be using cloud-based technology.
  • Firms that already had at least one cloud system in place before the COVID-19 pandemic fared far better than firms that did not have any cloud systems in place.
  • The firms that were more successful in dealing with the pandemic offered virtual collaboration tools to their clients at a higher rate than less successful firms. 
  • Firms who rated themselves as less successful used postal mail at a higher rate than the average firm.
  • A majority of respondents were concerned with ensuring the security of communication and documents in the process of the increasing use of virtual operations.

In conclusion, these show that firms need to utilize this opportunity and the lessons learned from COVID-19 to plan and achieve a business continuity plan.  This will address critical scenarios that may impact businesses in the future.

Outsourcing Solutions for Your Accounting Challenges

Workers from the business process outsourcing (BPO) industry are among the few exempted from travel restrictions imposed during the crisis. Still, most of these BPO companies have applied work-from-home arrangements to keep all the employees safe at home with their families. Nevertheless, this has not affected the reliability of outsourcing services to continue providing support to their clients.

Forbes.com listed the most interesting work from home jobs before the pandemic took place. At the top of the list is accounting jobs where remote bookkeepers are usually sought by companies to be outsourced. Next on the list is Computer and IT jobs.

SuperStaff Can Give You the Help You Need

SuperStaff is committed to providing you with outstanding services despite the circumstances. Hence, we are ready to serve you effectively through well-thought-out strategies at any time.

SuperStaff possesses a decade of experience in both offshore and onshore outsourcing solutions. Therefore, no outsourcing partner exemplifies innovation and reliability better than SuperStaff. Book your consultation now!

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