The COVID-19 pandemic has shaped the way accountants are re-inventing themselves. More specifically, it has led to the acceleration in the way that accountants are altering their way of working. Here are the main five changes that accountants are making to their style of working this year in response to the pandemic.
Saving it all to the cloud
With the pandemic changing accountants’ way of working to the work-from-home method, it has been more critical than ever to save, share and locate vital documents all in one place. Using shared digital resources has made accounting more accessible than ever before.
The cloud has been vital for scanning applications where all hard copy forms can be loaded onto a screen, making transactions much faster as well as suppressing the risk of transmission of the virus on paper sheets sent via post.
This not only saves time but money as well and brings with it the ability to operate documents anywhere at any time. Furthermore, any worries of a data disaster or losing vital hard copies becomes obsolete as the cloud continuously backs itself up. Accountants needn’t be concerned with losing anything as the cloud has been proven to hold data forever firmly.
Develop data analysis skills
Accountants are expected nowadays to produce data analysis that will allow their clients to make strong financial decisions. Information is vital and detailed analysis is more critical than ever.
Analysing information will allow businesses, as well as individuals, to see if they are spending too much money or whether they have too many or too little employees working for them. As a result, brushing up on data analysis skills will enable accountants to become more productive and efficient, as well as more helpful to their clients.
Improving their social media presence and usage
Accountants used to rely on their services based on recommendations and word of mouth. This was their free and easy advertising method. However, now we are living in the age of social media, which is the new word of mouth, especially during the pandemic where many of us are staying at home a lot more and not socialising face to face with our peers.
When a business is looking for an accountant service, they will look online. Reviews and recommendations on social media platforms are what they will use to gauge what sort of accountancy firm you are. Implementing a healthy social media plan can get you that business and recommendations. Imagine all the other accountancy firms in your city having Twitter, LinkedIn and Facebook and your firm having none of those. You will not be recognised or stand out at all. You will lose out on important business. As a result, accountants are embracing social media and strengthening their social media and online presence to cover all bases.
Outsources for specific needs
Many accountants are outsourcing accountants from specific departments that can take care of a business’s specific financial requirements as opposed to general accountants who do not have full knowledge of some particular financial subjects. This is to cover all bases and make clients more trusting and feel more valued when dealing with accountants who have been tailored to their client’s specific needs. This also means that services are consistent as well as scalable with experienced and qualified accountants. Furthermore, other businesses can focus on other aspects such as the core of their business and leave the accounting to more experienced professionals.
Everything is now done electronically, with paper invoices long gone and digital receipts the new norm. Mobile accountants have access to software which now allows them to work remotely from their home. This gives them more time to service more customers and in more depth.