The COVID-19 pandemic has affected every single industry, with none being exempt and accounting is certainly no exception. Today we are going to take a closer look at how COVID has affected the accounting sector and what changes have had to be made not only to help accounting firms survive but also for them to help their clients who were in more need of financial help and support than ever before.
Like many other industries. When we eventually emerge out of the COVID-19 pandemic, the accounting will have changed permanently. Like many other industries, accounting has become a lot more accustomed to digital and remote processes that were far from commonplace prior to the pandemic.
Changing how accountants are viewed
It has also forced people to reimagine and reshape how they view the modern-day accountant. From being someone who simply took care of the business’s finances, many accountancy firms are now strategic to the overall strategy and direction of a business. Many like ourselves adopting the Profit First methodology in the heart of our business philosophy.
Some studies that have been carried out have found that 7 in 10 accountancy firms have been busier during COVID-19. In the same studies, the challenges that were being faced by accountancy firms included an increased workload, higher stress and more meetings.
Along with other industries, the pandemic has seen many more accountancy firms have their staff work from home. The accountancy industry did have around 40% of its staff on average working from home prior to the pandemic, however, this more than doubled to 83% during the COVID lockdowns.
It’s in part thanks to the familiarity with working remotely that a lot of employees in the accounting sector had already has meant that productivity overall and individually hasn’t suffered as a result of having to work from home.
Adoption of new technologies
We have also seen a huge rise in the adoption of cloud accounting. A tool that was available prior to the pandemic, however, has now become a lot more prevalent. Raising the question to many accounting firms as to why they hadn’t made this transition earlier as they started to see the many benefits both in terms of operational performance and productivity.
Here at D&K Accounting, we are a team of profit-first professionals who aim not only to help businesses across the UK look after their finances but to implement where we can the Profit First way of thinking to transform how businesses are operating for the better.