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How Can Professional Accounting Services Help Small Businesses Survive COVID-19 Effects?

July 10, 2020 Comments Off on How Can Professional Accounting Services Help Small Businesses Survive COVID-19 Effects?

The importance of Accounting function is known to every business person. In today’s scenario, the accounting function has a very big role to play in the financial management of a company. Accounting is one of the most basic functions which is required to be performed by a company. Services such as Accounting and Bookkeeping have a lot of benefits that can help the company to grow and reach its maximum potential.

In the present day, there has been a huge impact of the coronavirus on the UAE economy and business in the country. Every business in every sector present in the world is trying to find a way to make the company more cost-effective as the organizations such as the International Monetary Fund (IMF) has said that there may be a recession coming due to the lockdown caused by the COVID-19 pandemic.

Professional Accountants and Bookkeepers may be able to help companies by performing the following activities:

1.Providing Expert and Compliant Advice

As experts, the Accountants and Bookkeepers must understand the current situation of the business environment as well as the condition of the company. The experts should give advice which will help in keeping the business afloat and should also take care that the advice given by them complies to the rules and regulations of the government.

2.Staying Updated with the Recent Developments

The business environment is in a continuous state of change, and there is a new development in the business sphere in relation to COVID-19 almost every hour. An accountant should be up to date with the recent developments s that he can make the most of the situation and also prepare for a better future of the company.

3.Review the Cash flow and Future Business Forecasts

One of the main jobs to be performed by the accountant is to check the present financial conditions of the company and how will the company fare in future situations. This will help the accountants determine if the company will have to stop any business activity or layoff some of the employees. It will also affect the traveling sales and the marketing functions of the business.

4.Providing constant communication with the Management

The accountant should be in constant contact with the management so that they could provide a periodic report about the financial status of the company. With constant to and fro communication, the company can conduct brainstorming sessions and help find the solutions to the arising problems.

5.Creating a Fall Back Plan for the Company

The business environment is continually changing, and the governments of the countries are bringing new business reforms every day to combat the COVID-19 and its impact on the economy. The accountant will have access to all the financial reports of the business and can create a future strategy for the company as well as a fall back plan in case the conditions do not occur as anticipated.

6.Integrate Technology in Accounting Services

In today’s scenario, it is in the best interest of a business to be technology-friendly. It is preferred if most of the work can be performed from a remote location and the benefit of which can be availed by a company by using the outsourcing accounting services. A tech-savvy accounting firm will also be able to access all the records of the company from a remote location and also can store the data in the cloud. This will make the work easy, and the accountant will not have to be physically present.

These are some of the ways by which a professional accountant can help your business during the COVID-19 pandemic. There are also many other ways by which the professional accountants can help your business. These are:

  1. An expert professional will always use the correct solution to treat a business problem. This will be done at a relatively faster rate which will save both time and funds of the company.
  2. A professional accountant can also take care of other business functions such as payroll functions, planning and strategizing, etc. which will create a path for the company.
  3. A professional accountant will prepare and maintain all the financial records of the business which can be used later during Vat Filing.
  4. A professional accountant will also constantly check the latest happenings in the business environment and try to generate business strategies accordingly.

Looking for Professional Accounting Services?

If you are looking to avail of the benefits of a professional business accountant in the UAE, then you can end your search as JAXA Chartered Accountants can help you in this matter. JAXA has an experience of more than 13 years in this field and is one of the most reputed names in Accounting and Auditing. It also has an ISO 9001:2015 certification. To know more details about the services provided by JAXA Chartered Accountants, Contact Us. We will be glad to provide answers to your query.