It’s clear that the coronavirus pandemic has, is, and will continue to significantly impact the business world. The Covid-19 pandemic has caused major disruption to economies and financial systems worldwide. Much of this impact has been dire: major revenue losses, store closings, layoffs, and bankruptcies. Some companies, however, have surged, increasing production or launching new products to meet changing consumer demand, adding staff, and expanding their footprints. Up or down, a lot has changed. While companies in some regions are moving forward post Covid-19, others are still struggling. Finance professionals must be ready to show the way.
Accountants were only second behind the medical field in terms of the most important jobs, especially to help businesses come out the other side of the pandemic. Now, they’re even more critical.
1. Accountants help companies make the most of limited resources.
As they manage, adjust and, eventually, resurface from the pandemic, most companies will need to be smart with their finances. Accountants and corporate finance professionals will help increase efficiency by comparing pricing scenarios, evaluating investment opportunities, and looking for new ways to reduce operating expenses.
2. Shifting processes bring shifting risks.
Some shifts in corporate behavior (e.g. increased reliance on digital documentation and electronic signatures, increasingly mobile and remote staff, changes to product/service delivery, etc.) will necessitate the development of new processes. Here, internal auditors will play an important role in providing assurance of operational effectiveness and efficiency as well as helping management identify, anticipate, and mitigate the risks associated with new processes.
The pandemic has shown that risks can change on a dime. With the ability to access and analyze data and a deep understanding of how the company has shifted to meet changing conditions, the internal auditor is in a perfect position to help identify enterprise and technology-related risks in particular, and provide real-time recommendations to address those risks.
3. Spot Opportunity
As with any external event, some businesses will struggle and others will see an opportunity. COVID-19 is no exception.
Accountants can help with evaluating growth opportunities, developing plans, and ensuring capital are in place. They also have the experience of seeing hundreds of different businesses, so they will be well placed to offer commercial advice.
4. Instances of fraud and cyberattacks are on the rise
The pandemic has brought on massive increases in fraudulent behavior. The shift to remote work has created a new risk landscape and companies need to consider where they are most vulnerable. With experience helping with business continuity, crisis planning, and cybersecurity, auditors will be essential partners incorporating risk management.
5. Taxes will get more complicated.
Not only has the CRA, in the wake of the pandemic, altered numerous tax provisions and rules, but reducing tax obligation will become even more critical for companies working with leaner budgets as well as those looking to expand their operations. Accountants who specialize in tax strategy will be called on to make sense of the new and ever-changing rules across local, state, federal, and international jurisdictions.
The value of tax practitioners has been amplified by COVID in recent months.
6. Well-managed finances increase investor confidence
In the best of times, companies with accountants who manage well-organized finances and audit-ready processes give shareholders and potential investors confidence as to its direction and fiscal health. Now, in a volatile economy where some industries are experiencing unprecedented hardship and others are poised to grow, the need to maintain this confidence is more critical than ever.
The importance of talented and reliable financial accountants is heightened during times of financial upheaval. Investors and managers need timely financial information more than ever, and they need to know that they can rely on this information.
7. Big moves bring big work for accountants
Pursuing mergers and acquisitions, filing for bankruptcy protection, building a new production facility or restructuring from the ground up are major changes, albeit ones that many companies might need to strongly consider as markets expand or contract (or evaporate completely). All of these changes require accountants and corporate finance professionals with strong technical skills and knowledge as well as the communications and leadership savvy required to collaborate with those across their organizations.
Accountants have always been in demand, serving an important function for successful companies. Now more than ever, the business community will look to accountants for their analytical insight and their stewardship of corporate finances. While the path ahead for the economy is uncertain, the role of the accountant as a critical business leader remains crystal clear.
There are countless reasons to justify that a career in accounting is something to invest in, but we’re hoping these reasons shed some light on the critical role of accountants in post-pandemic business world. Studying with Get Trained Get Hired is your opportunity to see if a career in accountancy is for you. Reach out to Get Trained Get Hired to book a free 30-Minute career counseling meeting. At Get Trained Get Hired we provide you with the necessary training to learn practical skills to become an accountant. Our training is based on practical real-life cases. After the training, we work on your resume and try to place you in accounting firms through our network. You will also get access to like-minded individuals who are looking for jobs through our WhatsApp group. Please feel free to contact us at [email protected]. Or call us at 647-870-6986.
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