It only took 4 months for the Corona pandemic to wreak financial havoc around the world. Businesses, both large and small have taken a severe hit following the lockdown and other essential public health measures taken by the government. Small business, especially the brick-and-mortar stores copped a severe blow and large businesses too felt a slew of tremors in their operations. According to research, 95% of small businesses suffered staggering negative effects due to the corona pandemic, unprecedented economic fallout like never before.
As we are gradually moving towards normalcy in phases, a small business can have a sigh of relief. But the bigger challenge for the businesses lies ahead because it is not going to be the same as before. While businesses can resume their activities, they have to switch on their recovery mode while they figure out and execute the strategy to get back their business on the track. And they would have to do this with caution and empathy as the pandemic still looms over the economy.
COVID- 19: An opportunity to unlock your business growth:
Economists and market experts around the globe believe that COVID-19 is going to have a far-reaching impact on all types of businesses, at a scale higher than any other economic crisis in the last 50 years. Being a global pandemic that has affected businesses in all the sectors, the silver lining of this impact is that it gives a superb opportunity for business growth if businesses can take swift measures to get back on track quickly. And this can only happen in two steps:
Step -1: Analyze, Adjust and Optimize
The first step a business must take is to restart its operations is to craft a proper plan of action that is developed after analyzing the impact of the pandemic. If you are a small business, looking to restart your operations and want to get yourself into recovery mode, it helps to have a plan in place before your kick-start your operations. And here a sample outline that can help you:
- Evaluate the financial damage: First things first, analyze and assess the financial damage that was incurred due to pandemic. Get your accounting work done, or you can also outsource your accounting services, but get a complete picture of financial statements before you craft a re-building plan.
- Tweak your business plan, if necessary: Having a second look at your business plan after you analyze your financial damage can help you fine-tune your business model to the post-COVID world. This can be anything to the tune of looking at new avenues of expansion or curtailing specific business operations
- Restructure your budget plan: Budget happens to be the most critical aspect of the business especially after the pandemic. Restructure your budget based on your new requirements and have a proper business timeline accounting for the funds and resources at hand.
Step-2 – Accelerate your business growth by outsourcing your non-core business functions:
Now that the business has adopted a tweaked business plan and made all the necessary changes, this step-1 can only help restart their operations. But growth can happen only when a business can do more with fewer resources at hand. Adopting a lean employee structure, pay cuts, and embracing cost-cutting measures by outsourcing non-core yet essential functions like accounting and bookkeeping services can help fuel business growth.
And this is where Back Office Accountants can help your business.
Back Office Accountants: A Key to Unlock Your Business Growth Post-COVID-19
Accounting and bookkeeping operations are one of the most important business functions that need the right expertise to help you optimize your financial operations post-COVID 19. However the budget you spent on your accounting department pre-COVID-19 may not align with the business post-COVID-19. But the accounting and bookkeeping services are crucial to keep our business financial in order, especially with tax reforms, economic provisions, and business loans announced under CARES-Act.
And Outsourcing accounting and bookkeeping services is the best way to leverage the expertise of the accounting experts while you keep the cost incurred at a minimum. In addition to helping you save time and cost, outsourcing bookkeeping operation to Back Office Accountants can reduce the workload on your employees, helps you focus more on your core businesses while delivering high-performance and accurate bookkeeping services at a reduced cost. Outsourcing bookkeeping services simply helps you do more with human and financial resources at hand with less cost and in a reduced time frame.
Having worked with hundreds of small businesses, Back Office Accountants has perfected the art of delivering Accounts Payable, Accounts Receivable & Full Scale Back Office Accounting Services according to the requirements at less cost and remarkable accuracy. Over the last two months, we have also helped small businesses with their documents and tax-filings to leverage the economic provisions and tax reforms of CARES-Act.
If you are a small or large business looking to outsource your accounting and bookkeeping services or need help to benefit from provisions of CARES-Act, you can find us here: http://backofficeaccountants.com/