The Coronavirus outbreak is affecting social and business activities around the globe.  While healthcare workers are diligently fighting the medical battle, finances and commerce are struggling. 

Everyone is attempting to adjust to the “new normal”.  Business operations are, in most cases, struggling to maintain revenue.  There have been some opportunities in the hand sanitizer and odd shortfalls in other supplies.  The once luxury services of delivered groceries has become a popular commodity.

One benefit for businesses is the opportunity to invest the time to give attention to those areas that always seem to be left behind.  Frequently those are the areas behind the scenes like accounting.

Just as we are adapting to fewer social contacts and events, companies are adjusting to a greater use of electronic alternatives in their operations. 

Cloud Accounting

Instead of using a server-based accounting system, the cloud is the best choice.  Using cloud storage means the ability to function completely without cumbersome transfers and additional software for security.

Security is accomplished by establishing a user through an ID of their email address and setting the security level for that employee.  It is as simple as that.  It avoids using a VPN connection or needing to reconfigure a home desktop. 

There are a number of quality applications like Xero, QuickBooks Online, and Intacct that offer all the functions of an accounting system and can be accessed by your employees, accountants, or other key personnel without the necessity to email financial data in large or small chunks, or to use flash drives that need to be traded periodically.  There is an optional two-factor authentication available that will provide even more security.

With remote work situations, the IT staff would not need to be physically present to help your bookkeeping staff do their work.  All of your accounting functions operate smoothly, giving you one less worry.

Outsourcing

If you have been considering outsourcing your accounting work, this is the perfect quiet time to start the process.  With the movement to cloud storage, a whole new world has developed in the field of accounting options. 

Just as described previously, accountants are leveraging their ability to store and retrieve data in clouds.  Bookkeeping is easier to maintain plus you will have the advantage of CPAs and other service team members to help you with advice and guidance toward your business maintenance and growth.

Having access to professionals with relevant experience who have the ability to review your standing and provide accounting assistance and financial counselling is invaluable, and it can be yours through cloud accounting systems.

Leverage for the Future

This is the time to start positioning your company so that it will be attractive to potential investors.  Once this current situation is resolved, investment money will be available again. 

By showing how your business has adapted during a time of crisis, you can leverage this into an opportunity for venture capitalists to see you in a new light.  Using a cloud-based accounting system means you will have more time to focus on operating your business and finding new ways to grow even during a downturn or other predicament.  Having your financials in tip top shape is one way to jump on any opportunity that presents itself. 

Feel free to reach out to us if you want to talk to one of our chartered professional accountants today.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team