It is no longer news that the coronavirus has taken a large chunk out of economic activities in most sectors of the world economy. For most businesses, the impact of COVID-19 has led to a decline in revenue. And companies that don’t react to this situation will likely put themselves at higher risk.
One positive way to react is to seek feasible solutions to keep your company afloat. Big companies around the world look to their accounting section during this time to keep their business growing.
So, how are large organizations affected by COVID-19 coping with accounting?
Below are accounting strategies companies are using, and you can leverage to help your business come out stronger and better after COVID-19.
1. Choose Cloud Accounting
With COVID-19 still around, employees are working from home to avoid person-to-person contact. For your accounting staff, using the office desktop during this work-from-home period would be impossible.
However, with cloud-based accounting, your accounting staff or subcontractors can work remotely and minimize any impact on your accounting operations.
Cloud-based accounting services like Xero, QuickBooks Online, Intacct, and others offer full accounting functionality online, in a secure environment without any challenge of maintaining the software or provision for remote access.
All you need to do is simply set up a user ID with their email address and assign a security access level to limit what files or documents each user can have access to.
2. Automate Your Accounting Process and Eliminate Paperwork
Another advantage of using cloud-based systems is that all your accounting data can be linked together in the cloud, eliminating the need for data to move through systems, departments, or institutions via paper mail.
The applications like Xero, QuickBooks Online, and Intacct mentioned above have electronic interfaces to online banking systems. This provision removes the need to reconcile paper-based banking statements.
Even better, these cloud-based applications can also connect with major expense and payment applications. With this seamless integration, the apps can also load invoices and payment receipts as PDFs and photos.
With this system in place, there is no need to write cheques, no envelope to be licked, or mail carrier to be in contact with. The invoice simply is scanned, loaded, categorized automatically in the system.
3. Outsource your accounting
When you have all your accounting data in the cloud, it becomes easier to outsource your accounting operations. It also helps to eliminate costs, decrease risk, and free up time to enable you to focus on your business.
Accounting firms in Singapore are leveraging the same benefits mentioned above to create cloud accounting services. These service providers are technical experts with the knowledge to keep accounting systems running smoothly in an integrated fashion.
An example of such accounting services in Singapore is TY TEOH International, where your business accounting will be taken care of instead of having to hire a full-time employee.
When you outsource your accounting, you get access to software and data and support through emails, text, telephone, and video conferencing. You also get a virtual accounting team that is available to you — anytime, anywhere.
The above tips are how the big organizations across the world are keeping their books and tracking all their financial and non-financial records during the pandemic. It enables a smooth business operation while generating enough revenue to keep the business afloat. For more information, feel free to get in touch with us.