For many business owners, the disruption of the coronavirus crisis has been a period of reflection and consideration, writes Peter Wright, partner, Haines Watts, Farnborough.
As the lockdown forced entire offices and teams to work from home, those with strong foundations in technology were able to adapt quickly and seamlessly. Now more than ever before, it is vital to have up-to-date business information at your fingertips.
For many, this has been the first experience of having full teams working remotely. This creates many challenges but can also be a catalyst for change. It’s going to be the most innovative, flexible and forward-thinking businesses that survive this revolutionary shift.
Embrace the technological and cultural opportunities available to prevent your business from becoming:
Less efficient – without the time-saving and productivity benefits of technology, your people can’t work as effectively as those of your competition. Safe physical-distancing will be harder to promote and your operations could fall behind.
Less empowered – with no flexibility around home working, workers are likely to feel frustrated, stressed and unhappy. Instead of feeling empowered, they’ll feel hemmed in and restrained.
Less attractive as an employer – being seen as a retrogressive employer will affect your ability to attract and retain talent.
If you have found your business data has dried up and financial information is no longer free flowing, now should be an opportunity to review your current accounting systems and processes. A cloud-based accounting system can help you build operational resilience, ensuring you can keep your business running effectively and allowing you to keep control. That’s everything from sales and finance to accounting and operations. Cloud accounting software is inherently simple to use.
It provides secure access to information from multiple locations with minimal effort and cost. It can speed up many processes by automating certain time consuming tasks. In recent weeks, we have assisted many clients to prepare accurate cashflow forecasts using cloud accounting software. This enabled the business owners to access government funding and helped mitigate cash shortages.
Data driven decisions
In this ‘new world’ we find ourselves in, you need to be able to make important business decisions, using accurate information at any time and in any place. It is time to adapt and embrace change through innovation in your systems, processes and culture that will enable data driven decisions in real-time, providing your business with a much stronger footing now as it looks to recover from the current crisis. There is light at the end of the tunnel.
Our wide range of services can help to strengthen your business and support you to accomplish your goals in a post-lockdown world.
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