At some point in life, everyone experiences the disappointment that comes when they realize their expectations didn't align with reality. Especially these days, it's difficult to make your hopes and the real world line up.
So Where Do You Start If You're Reopening A CPA Firm Post-COVID-19?
One of the best ways to approach the process is to consider what tools could help you serve your clients and strengthen your business. This article will offer an overview of some of the most realistic ways to benefit your firm and the people you serve. If you keep your expectations healthy, you could meet your goals of reopening sooner than you think.
Reality: Automation Is a Big Help
When it comes to accounting, automation is already a great tool that can help minimize errors and streamline workplace processes. Automation will only become more important as firms reopen after COVID-19.
You save time.
Data is accurate (and data retrieval is quick).
Files are stored securely.
Professional development becomes a focal point.
You learn a lot when a machine handles your busy work for you! Instead of focusing on making sure little decimal points line up, you can continue to develop yourself professionally and help your clients with the unique troubles they face post-COVID.
Strategic Questions to Ask Before Reopening Your CPA Firm After COVID
Questions About Your Firm's Finances:
What is your firm's financial standing in the midst of or after the pandemic? Consider revenue, payroll, etc.
What can you do to maximize profits?
How do you project your revenue will change in the coming months?
Did you take on debt during the pandemic? How will you repay it?
Do you have access to enough capital to keep operations going?
How About Staffing?
- Do you need to rehire furloughed workers? What are your plans?
How do you help your staff alleviate concerns about layoffs, reductions, etc.?
Ask Questions About Your Clients:
- What have your clients' experiences during the pandemic looked like? How have they weathered it?
- Could a client survey help you understand your clients' current standing?
- Should you offer special services to help clients get back to financial health?
What if clients can't pay under normal terms?
Assess Your Technology:
- How did your technology work pre-COVID? How has it worked in the time since? Do you need to make upgrades or improvements to facilitate work?
- How can you help your staff leverage new technology in the best ways possible?
- Have you performed an ROI calculation on your technology?
When you get real about answering questions like these, it's a lot easier to line up your expectations for reopening with the reality of what will happen.
- Your organization has experienced changes—are you going to enhance or alter your business model?
- What have you learned about remote interactions with clients?
- Have you considered approaches for receiving client payments digitally?
Reality: Look Into SaaS
If you aren't already familiar with SaaS, here's a primer:
- SaaS stands for software as a service—it's when services and software can be accessed through the cloud. Usually, users need to download software onto their desktops and run updates, etc.
- With SaaS, users log into applications through their internet browsers.
The benefits of using SaaS are plentiful. The two most notable are:
- It helps firms reduce expenses; you don't need to spend money on upfront software or hardware purchases.
You don't need to waste scarce resources to sort out installation, maintenance, and support.
SaaS helps with the cost of entry, security, data safety, business continuity, and more...
SaaS environments help offices and teams maintain business health. Here's how:
- They enable business continuity. Imagine something happens (a natural disaster, for example) and your entire office is gone. If you rely on SaaS, all of your data and software still resides safely on the cloud.
- Data backups are automatic. We don't think we need to sell anybody on the benefits of this—data is always safer when it's backed up.
- Improved security. Security is often an accounting firm's top concern (or it's amongst them); SaaS allows CPA firms to host client data in secure environments.
A Cloud-Based CPA Firm Is Possible as Soon as Q3 and Q4
Coming out on the other side of COVID-19 is going to be a tough process for everyone, but if CPA firms have the right tools, solutions, vendors, and mindset, they can emerge better than they were pre-COVID.
At Botkeeper, we offer our customers automated bookkeeping services that make it easy to serve clients swiftly and effectively. Interested in learning more about Botkeeper? Check out more information about:
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