Economic First Responders – Accountants Save Businesses during the COVID-19 Crisis

The pandemic brought on a rapid economic downturn and disruption that affected all businesses in a significant way. Supply chain interruption, employee shortages, forced closures, and a tightening of credit resulted in substantial operational and financial impacts worldwide. Many businesses unprepared for the changes suffered. However, as many companies scrambled, those with a solid accounting team in place were ahead of the curve. Acting as true “Economic First Responders” accountants were able to go above and beyond by providing client accounting (CAS) so businesses could pivot and adapt to these unprecedented challenges. 

Addressing the financial impacts of COVID-19
Many forms of economic relief, such as the Paycheck Protection Program (PPP), grants, and other government subsidies, were available to offset lost revenue.  Those companies with reliable accounting partners had the upper hand when accessing these programs because they could provide financial information to access them quickly.  In most cases, this intervention accelerated the time in which companies received these critical funds… a lifesaver for a business in need.  Armed with accurate data and reporting, true accounting partners were able to apply real-time financial information when applying for loans and subsidies, making all the difference.

With an accounting and advisory partner who knows your business inside and out, you’ll spend less time on compliance and loan application processes and more time on running your business.  This was particularly true during the pandemic where managers could breathe a little easier and focus on pivoting the business.  Here’s how companies benefited most from working with a CAS partner:

• Strategic planning and guidance – Accountants quickly took on the role of strategic business advisors, offering real-time guidance through the uncertain times of the pandemic.

• Deep operational and financial insight – With existing knowledge of the business financials, CPAs can quickly identify and prioritize unique financial needs and offer more accurate analysis backed by an expert advisory team.

• Competitive advantage with AI-powered financials – With access to best-in-class financial software, accounting leadership can provide insights so businesses could make difficult decisions during the pandemic.  As many companies faced obstacles that were never faced before, managers had emain ahead opivot during the pandemic, while also remaining ahead of their competition.

Plan for future financial success with Heal Accounting

Everyone is hopeful business will not be disrupted by a future pandemic.  But if business owners learned one thing throughout this challenging time, it is that right accountant partner is invaluable and the key to rebuilding businesses and recovering from the economic fallout.  At Heal Accounting, we are passionate financial experts that will help rebuild your business using better financial tools and technology. We want you to achieve your goals, which is why we focus on increasing your bottom line, improving your cash flow, planning for the future, and boosting your financial growth.

When you partner with our strategic advisors from beginning to end, you’ll minimize your business risk and get expert help from a team of innovative financial problem-solvers. We will develop a strategic plan that positions your business for growth and financial success. To get started enhancing your business with our customized financial services — from bookkeeping to CFO advisory services and tax preparation — contact us and schedule your free consultation.