Only three months into 2020, we were right in the middle of one of the toughest economic challenges ever. The COVID-19 pandemic has copped severe blows to all business sectors, and today four months into the pandemic the global businesses are making efforts to recuperate from the damage done.
Impact of COVID-19 on Global Businesses:
In 4 months duration, every industry has come face to face with the massive economic slump created by this pandemic. In essence, businesses can be categorized into three types based on the impact of COVID-19 on their operations and revenues.
Businesses that have been severely affected by the pandemic form the largest category. These businesses whose sales and revenues are severely hit by the pandemic are now focussed on getting back on track by resorting to crisis management plans with improved business models, and cost-cutting measures, like reducing the workforce or outsourcing accounting and bookkeeping services and other non-core business function to ensure continuity of business. The second category comprises of businesses that belong to the essential category which can include telecom, medical, food & agriculture, and this category is affected too, due to disruption in global supply chains.
And businesses that haven’t yet experienced the ripple effects of the pandemic are classed under the third category. Though these businesses are yet to receive the blow, it could be only matter of time before they start to experience the slump in business and which is why they must keep a close eye on the cash flow of the business with efficient accountancy services to make sure of sufficient cash reserves for their business continuity.
The Way Ahead for Businesses Post Covid-19:
No matter what category your business belongs to, these critical times require a change in business strategy and execution that can turn the current tide and position you on the right track to ensure optimal business functioning and continuity.
Below are the three simple steps that a business can take to stay afloat and position themselves for business growth post-COVID-19:
Opting for Remote Working Models:
The pandemic has forced the entire business world to rethink their workforce model to ensure that the key business process is operational in a new remote environment. And this has been a ‘GO TO’ ever since the pandemic stuck. Though the remote workforce model is being actively adopted right now, automating the business processes can be the key to fully leverage the remote workforce model.
For example, at Outsourced Bookkeeping, we have helped many businesses upscale their conventional accounting processes by automating their bookkeeping and accounting systems. And this has helped the businesses boost their productivity while reducing operational costs at the same time.
Seizing the Right Opportunities:
Adopting a lean workforce model coupled with improving productivity by having an efficient Back Office for non-core business functions like bookkeeping and accounting services perfectly places the business in the right position to move at a faster pace. With the business world changing at a rapid pace, this is the right time for a business to hatch business plans by taking all the help needed.
The increased focus and productivity that comes with a reduced and remote workforce, automation of business processes, and economic aid & tax provisions can help the business to seize the right opportunities at a faster pace. At Outsourced Bookkeeping, we have helped many companies leverage the economic and tax provisions sanctioned by the CARES Act. If you are a business owner looking to leverage the CARES Act for your business, you can contact our experts at Outsourced Bookkeeping here.
Optimize the Cash Flow:
Optimizing the cash flow is the most crucial aspect of running a business during these uncertain economic times with possible recession looming. For business entities that are working their way out of this crisis, it is extremely important to smoothen and strengthen their cash flow of business entities to stabilize their business amidst the potential market fluctuations in the near future.
The cash inflow and outflow of Accounts Receivable and Accounts Payable Processes must be perfectly optimized to regulate the cash flow during these uncertain times. Making sure you are paying the right amount for the right goods while collecting perfect payments, taking advantage of offers discounts, and optimism payable and receivable based on your working capital requirements can help improve the cash flow management.
Outsourcing your Accounting Services for Business Recovery and Optimization:
Imagine having all the above three steps: enforcing remote working, seizing new opportunities while optimizing cash flow with one single business decision. Awesome right? This is what we at outsourced bookkeeping and accounting services bring to the table.
By outsourcing your bookkeeping and accounting services, you get to perfectly leverage the remote working models, optimize your cash flow with our automated Accounts Payable and Accounts Receivable Services, and place you in the perfect position to seize new business opportunities at a faster pace.
Being one of the most trusted bookkeeping and accounting firm in the market, Outsourced Bookkeeping has helped hundreds of businesses to optimize their operations and accelerate their business growth during COVID-19 pandemic. If you are a business owner, looking to outsource your bookkeeping and accounting services you can contact us here: https://outsourcedbookeeping.com/