5 Reasons You Need an Accountant in the Wake of the Pandemic

The covid-19 pandemic hit businesses hard. It also changed the way we live, work and socialise, meaning that its effects will continue to be felt for years to come. This means that business owners are trying to navigate uncertain waters after what has already been a very difficult few years.

Let’s take a look at the ways an expert accountant can help your business survive the ripple effects of the pandemic and flourish as the world slowly recovers.

Right now, it’s more important than ever to be smart with your finances. It’s vital that you trim inefficiency wherever possible and maximise your existing resources to make your money work harder. An accountant can help you to streamline your operations, identify new investment opportunities, reduce expenses and negotiate better terms when seeking financing. This helps you to spend less without making big sacrifices or damaging your output, and thus helps to future-proof your business.

The global shift towards remote working represents new opportunities for businesses but also, sadly, for cybercriminals.

As a result, it’s imperative that business owners seek professional help for crisis planning and business continuity. Accountants are well-positioned to advise businesses on the preventative action they should take to protect themselves, as well as how to respond in the event that they are targeted.

On top of this, the pandemic has brought about rapid shifts in corporate behaviour, as well as the way in which products and services are delivered. It’s more important than ever for businesses to remain agile and continue to mitigate the new risks that come with these changes.

Accountants are well-equipped to help businesses manage these shifts thanks to their ability to identify financial risks, interpret data and offer practical suggestions on how to keep your business safe.

The increase in remote working also makes tax more complicated. Businesses will have to remain compliant with new provisions and rules. There has also been a huge increase in freelancing during the pandemic which again presents both new problems and opportunities. Furthermore, taxes are likely to increase in order to pay off the debt governments have incurred during the pandemic which means that, now more than ever, businesses need a specialist accountant who can save them as much money as possible.

Many financial experts are predicting a rise in inflation in the wake of the pandemic. This presents both risks and opportunities for your business, and the right accountant can help you minimise the former whilst taking advantage of the latter. Inflation can create huge problems for your business if you are ill-equipped to deal with such a change, but with the right accountant on side you can reduce the impact of inflation on your business and keep your company financially healthy.

In these uncertain economic times it is more important than ever for businesses to maintain investor confidence, and the best way to do this is to maintain well-organised finances. The economy is volatile and investors want to see that you are financially responsible with a clear roadmap for growth. An accountant will help you to present clear and reliable records to maintain this confidence.

The pandemic has made the work of accountants more important than ever before. A quality accountant does so much more than helping your business to remain compliant; they will also help you to remain agile and protect your finances during a very uncertain time. What’s more is that an accountant will help you to capitalise on new opportunities that emerge as the world recovers and enable your business to grow stronger than ever before.