The corporate world is going through a tough phase due to the worldwide outbreak of the COVID-19 pandemic. Putting a halt on the operations, the pandemic has turned out to be much destructive and turbulent, to say the least. The COVID-19 pandemic is a big setback for the economy which will take much longer to recover. We can’t undo what happened, but definitely, we can take measures to minimize losses in the future and rectify whatever we ignored when things were about to go wrong.
1. Believe in the Government: The government is making efforts to stabilize the economy so that it gets back on track. Not only the government but also other authorities like the Central Bank, corporate banks, and payment service providers and formulating strategies that are helping business organizations in the long run. The government is continuously announcing relief measures for the organized as well as for the unorganized sector (For Example, A 3-month moratorium on the working capital loans). The firms should examine these measures to get the best out of them. Fulfilling and abiding the updated laws and standards will help corporate entities to overcome the limitations that are caused due to outbreak of COVID-19.
2. Injections from the externals: The economy will be facing liquidity crunches for several months or even years. The accountant services during COVID-19 should generate liquidity from external sources for keeping efficiency in the operations. There are a number of sources from where the firms can obtain finance like banks, private lenders, etc. offering financial assistance for short and long terms. The firms should analyze the ROI before obtaining additional capital from a source.
3. Cost Cutting: The accountant services will play a vital role in guiding the business during the COVID-19 pandemic. Business organizations should not spend essential finances on unnecessary services until the situations get back on track. Companies should be precise about spending and minimizing short term expenses. Several agencies are guiding the businesses during COVID-19, which can be a great option to consider. Analyze the non-essential managerial and administrative costs and try to dodge them. Another effective factor would be to minimize investment decisions. The global economy is presently shut down or is on the verge of shutting down. Therefore, risk management is imperative and investment during this period should be limited.
4. A complete switch to e-payments: The COVID-19 pandemic has confined us to our residential apartments. The concept of social distance will be followed for years all around the globe. This concept of social distancing will reduce the volume of physical bank-note transactions. This reduction is much necessary to avoid the spread of the virus. Hence, a switch to e-wallets and bank transfers will keep the transactions going and also avoid the spread to a good extent. This is a great time when we can develop a lifestyle that heavily functions on a digital level. It’s a time to alter the mode of accountant services during COVID-19. Relying upon e-payment is convenient and fast when compared to the traditional format of cash payment. Thus, switching over to this method should not be a problem for most people.
5. The “ZOOM boom”: The implementation of quarantine has created a need to function on a digital level. We have started socializing and associating through video calls. Most of the business firms are using video call meetings. This is an excellent way of associating and working on your networking skills. Though the app store is flooded with video calling apps, the app which has gained a boom in this time is the ZOOM app. The application has been much in controversies nowadays due to its terrible privacy and security norms. Businesses have been advised by the authorities not to use ZOOM call for video conferencing. However, the basic concept is to make yourself familiar with such an application as it bridges the communication gap between business professionals.
6. Alternate sources of revenue: All the enterprises should look for alternate revenue sources to cover unavoidable expenses during the COVID-19 pandemic. This can be an addition to the business or an external source. For example, since people need essential items, a business organization, even if not dealing in such items, may start home delivery of such items. Collaboration and partnering with essential commodity service providers can help to generate significant income. Businesses should believe in the aspect of flexibility so that profit maximization can be achieved even during this critical situation.