4 Lessons for Accountants in Australia from the Pandemic
The COVID-19 pandemic brought many lessons about facing challenges, adapting to changes, and recovering from losses.
Accountants in Australia are no different from other professionals that had to conquer the limitations brought by lockdowns. Working from the comforts of our homes may sound a good idea. However, it challenges the way we work and collaborate as a team.
And there are threats that come with shifting from office to work-from-home setup like communication.
What can accountants learn from the pandemic?
Data security matters
Technology helps accountants minimise tasks by automating tasks to achieve better performance. However, if not monitored efficiently, it increases cyber-security risks for confidential data shared by teams and clients.
Because majority are working remotely, businesses should take a second look on their security policies. Accountants and other staff must also be trained to be abreast with security protocols implemented.
Full knowledge on government support
There have been several government programs aimed to support Australian businesses and employees (eg. JobKeeper payment, JobMaker Hiring Credit, etc.). Each program has a different set of rules and eligibilities to follow. For some business owners, it can be quite confusing to understand.
As an accountant, it is important to guide your clients with the right information on what government support they can claim. A good accountant can provide different options and advise a client on the best choice that applies to their current situation.
Importance of leadership and teamwork through uncertainty
Bringing together a team of accountants working remotely is challenging. And it is more challenging to eliminate anxiety without the physical presence of each other. Sometimes, it hinders the productivity of accountants despite the process being put in place.
This is when leadership and teamwork play a crucial role. The constant changes in work setup due to lockdown pushes accountants to quickly adapt to situations. Regardless of your role in the team, accountants must proactively take charge of tasks so quality output is still delivered.
Outsourcing as a viable option
Many remain uncertain on outsourcing despite its growing demand. Outsourcing does not only offer cost savings to firms. It has many benefits such as allowing you to focus on core tasks or expand your business services.
Our Philippine counterpart firm, BMG Business Solutions, previously cited the advantages of outsourcing your accounting and bookkeeping.
This article is provided as general information only and does not consider your specific situation, objectives or needs. It does not represent accounting advice upon which any person may act.