COVID-19 has shut all shops. Businesses are on pause and so are all the activities related to it. Accounting too has not been an exception. We have been very busy off late with getting the backdated work done and helping businesses apply for loans and grants, accountants have been doing ok to mention.
Most of the Tax Returns and EMIs have been deferred by 3-4 months while Governments chalk out plans to revive the economic car, one wheel at a time. Since we too couldn’t also nothing but feel the blues of the downtime, we decided to come up with 10 ways accountants can power up through the downtime:
Network: Since all the real-world networking is down at a pause, you can replace it by ‘joining local business associations or networking groups and build up your presence with local business owners’.
Add Value: Definitely, your existing skills gave you your present client base but the world is not going to be the same post the lockdown is relaxed. Add to your skills and make your legs firmer in the business by doing a related certification or learning new features of prime accounting software like Quickbooks.
Improve Delivery: Take some time to review your existing systems. Try to find opportunities, where your processes can be streamlined and efficiencies can be improved. Embracing outsourcing for a part of your business operations can also prove fruitful.
Review Service Offering: Review your packages offered to your clients and services you are offering. You can look at various options on increasing revenue from those businesses which are doing fairly well while decreasing prices for few. Revamp your service offering in a way that highlights your expertise in the sub-domain while you could choose to avoid or outsource the rest.
Do-up your docs:
After all, this duration of your practice and a review of your service offerings, your administration documents, and client forms might start looking a little outdated. In such a case, you could consider implementing a tool such asFormTab which will transform all your paper documents into automated online submissions.
Clear the clutter:
Long practices of accounting, tend to accumulate files of client data and information which might have become redundant or entirely useless by a later point in time. This is the appropriate time to clear the clutter of your present and past clientage and streamline the paperwork for effective future working.
Enjoy the peace:
It’s Okay! It’s okay to relish some quiet time and take a break to observe the flow of things. Often during the busiest times of the year esp during the year-end tax filings, it can be too easy to break up. Now’s the time to unwind and relax while the downtime lasts so you can coil up better later.