As per a recent survey, it could be concluded that the accounting firms which were using cloud-based technology and offered virtual collaboration tools to their clients were able to respond to COVID-19 successfully. The ongoing pandemic has made it compulsory for accounting professionals to accept virtuality as the new normal. With the quarantine and lockdown measures adopted by the government, it is quite essential for accounting firms to be flexible with new working methods, including work from home, flexible working hours, and alternate shifts in the office, and flexible working hours. The new normal has to be accepted by one and all.
Post covid19 impacts on the accounting profession:
- The shift to cloud-based accounting- Professionals who work at Sydney accounting services states that almost all professionals have accepted cloud-based accounting solutions. Hence, it is the right time for accountants to take the cloud as a significant opportunity to grow their business. The changes would be in terms of servicing the clients anytime, anywhere and providing exceptional data security. Cloud-based accounting will minimize the chance of misusing the accounting information.
- Virtual communication- As working remotely is the new typical, accounting professionals need to revamp their working styles. In the future, accounting experts would have virtual meetings instead of physical meetings. There are a plethora of tools which will help in conducting meeting virtually.
Thus, all these technological advances will require accounting experts to make adjustments in the structure of the organization.