How Can Accountants Help During COVID 19 Crises?

Accountants are like the backbones of the finance & accounts departments of a business, so they can help out a lot. For students pursuing any kind of accounts training, it’s good to know how they, as future accountants, might be able to help out when the going gets tough.

Let’s see some of them in detail.

Finding out all in-place aid options

Accountants can provide reliable info of Govt. aids the business is liable to receive at this time. This includes what relief programs the business is eligible for. These may include govt. loan guarantees, waivers, municipal grants, etc. 

Cutting through the noise

At first, accountants can help define how much financial support the business needs by forecasting the cash flow and modeling the revenue.

With a smart accountant, the entrepreneur can make a strategic relief plan tailored to the business goals and the government resources available.

 Helping to manage resources judiciously

  *Assists to lower costs and spot growth opportunities by keeping the books up to date. 

        *Optimize the cash flow by identifying profitable and unprofitable customers.
       *Highlight ways to reduce the inventory costs.

Helping to make personnel decisions

Accountants can also help managers make decisions on the team. Hardworking, resourceful employees never give up no matter the situation. Temporary pay adjustment for other benefits in kind may help reduce some cost while granting benefits to the capable workforce.

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