Home BusinessAccountant How the COVID19 recession will change our lives

How the COVID19 recession will change our lives

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COVID-19 hit the world like a storm and uprooted everything. Just like around the world, life in the Blue Mountains was also disrupted. From blue-collar workers to professionals such as doctors, engineers, and accountants, everyone was impacted, and things came to a grinding halt thanks to the preventive measures taken by governments across the globe.

Permanent Work Changes

COVID-19 has irreversibly changed lives. While working remotely was increasing in popularity before the pandemic was declared, it became the norm as lockdowns were imposed. People in the habit of working from offices and workspaces were confined to their homes, where the boundaries between personal and professional lives were blurred if not eroded completely.

Working from home allowed employees the flexibility in timings that has always been desired in traditional work routines. It also allows people to see the practicality of remote work in terms of saving on transportation costs as well as office overheads. However, working from home has its set of challenges.

One of the most difficult challenges was overcoming the employer’s mindsets regarding trusting employees to work efficiently from home. However, with the lockdowns leaving no option for employers, trust issues had to be dealt with head-on. Employers had no choice but to have faith in their employees and focus on results rather than the process.

Automation and relocation of the workforce

Remote work has allowed the normalization of outsourcing administrative functions, with technological innovations supporting hiring virtual teams from across the world.

Inevitably, difficult decisions must be made in the face of a crisis, and the year 2020 has been a time of crisis. Countless small business owners, CEOs, government officials, and others faced this reality. Businesses have been impacted disruptively and this has brought about a forced and sudden change in business processes and accounting.

Expertise in Digital Commerce

Business processes have changed, and so have consumer trends. Now more than ever, consumers are preferring to avoid physical visits and contact, and instead order from service providers. Remote deliveries mean a change in the entire process including payment modalities, ordering systems, inventory systems, returns and reimbursements, as well as keeping track of customer details like addresses, phone numbers, and email addresses.

While consumers are embracing new platforms for working, learning, shopping and socializing virtually, businesses are dealing with setting up new processes that can help them operate their business better and cater for their consumers more efficiently.

Accountant in Blue Mountains can help customers implement cloud-based technology to save on operational costs and set up effective business systems that can help companies focus on their core operations.

Efficient and Cost-effective supply chain

Due to COVID 19, the supply chain has become more efficient and cost-effective. However, COVID-19 has created a demand for home deliveries. Consumers expect their orders to be delivered instantaneously and expect the accessibility of services.

With all businesses jumping on to the digital bandwagon, tough competition in the online market has created supply chain efficiencies. Suppliers, vendors, and service providers have all streamlined their businesses, while logistic companies have expanded their networks creating a system that has allowed all kinds of businesses to survive. However, being able to scale requires systems, and professional accountants can help in setting up systems that can exponentially boost business growth.

Business Continuity a core competency

Work disruptions caused by the pandemic have created disparities, necessitating organizations to look beyond traditional resilience planning strategies.

To provide a comprehensive response and to ensure continuity for their most important products and services, companies must integrate pandemic planning factors into existing resilience management activities. Resilience has become more important now, and the cash and liquidity of a business are crucial for survival.

It is for this reason that strategic planning with special regards to resources is essential. Accountant in Blue Mountains can help businesses design business continuity plans and can help with managing cash-flows effectively. Identifying areas of cost reduction and recommending strategies for future growth is MYM Accounting’s forte.

While COVID-19 has completely transformed lives and businesses around the world, it is natural to feel threatened by the drastic and sudden change and the resulting uncertainty. However, when dealt with strategically and with the help of professionals, any threat can be converted into an opportunity. All that is needed is a clairvoyant vision for the business and the ability to remain agile through continuous learning. Professional accountants with years of experience and knowledge can help scale and grow businesses even in these disruptive times.

Disclaimer: This is a generic Information & post; content about the services can be changed from time to time as per your requirements and contract. To get the latest and updated information, contact us today or visit our website.

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