When the Covid-19 pandemic swept through the business landscape, how did your accounting department fare? For many, the reliance on paper and presence in brick and mortar offices created a crippling obstacle that distanced businesses from their financial data—at precisely the time they needed it most.
For small businesses trying to adapt, March and April were incredibly challenging months—decisions to furlough, scale down (or even up in some cases), or pivot to new revenue streams relied heavily on the ability to forecast and re-forecast budgets and projections on a near constant basis. Access to real-time data—and real-time accounting knowledge—turned out to be one of the most critical business triage capabilities a business could have in place.
This proved potentially disastrous for businesses whose reliance on traditional in-house bookkeeping and accounting were tested as the workplaces were displaced. As we begin to emerge from the depths of challenges faced, there are some clear takeaways for business owners—one of which may very well be that outsourced accounting departments are mission critical to the future of the company. There are many reasons why but we've covered some of the most common here:
- 100% Virtual Is Seamless
Outsourced accounting departments such as AccountingDepartment.com are already operating in a 100% virtual environment. Pandemics forcing employees offsite / out of office don’t apply to our team and we’re already entirely operational without the learning curve. Additionally, all our systems are accessible virtually, providing continuous access to your information whether you can get to your office or not.
- Security is a Top Priority
Do you have the right security measures in place to monitor and approve bill payment, accounts receivables, and expense management? Do you have procedures that keep your financial information secured? Outsourced accounting departments do just that—in an encrypted, secure paperless cloud environment.
- Real-Time Support & Advice
As clients disappeared and revenue streams shifted, were you able to re-forecast and utilize current data for new projections in real-time? Was your data reliable and clear to begin with? One of the things outsourced accounting departments can offer businesses is access to teams of professionals whose entire business it is to manage your accounting, keeping data up-to-date and accurate in real-time. They’re also able to pivot with you and make suggestions that can help you analyze information and make decisions critical to your business.
Interested in how an outsourced accounting department can help keep you operational now and in the future? Our 140+ person company has 16+ years of experience providing 100% virtual, fully outsourced accounting departments to businesses and government contractors throughout the US. Contact us today for more information.