As per the current trends, the coronavirus cases are continuously rising in the United Kingdom. In the coming months, economists are predicting a massive downfall in the world economy. In such scenarios-chartered accountants in Somerset will play a vital role in maintaining the balance. They are gearing up to contain the pandemic and prepare for the upcoming months ahead.
The Impact and the Role
In the UK, one of the first cases was detected at Deloitte office in London around March. As a result of this, the Big 4 companies have advised their staff to maintain proper hygiene and to avoid unnecessary travel. However, the effect can be felt deep within the roots of accounting firms as they prepare to adopt new processes.
The UK government has closed schools, colleges and other public institutions due to coronavirus. This is expected to have a significant impact on the UK businesses and the country’s economy, including those which operate cross-border. This is when Accountants come into the picture. They need to guide their organisations through the various logistical and financial pitfalls caused due to this pandemic.
Several organisations have published that the value of financial assets will become more volatile. Accountants must keep this in mind and issue guidelines to help businesses out of this troubled time.
Gearing up for the upcoming changes
Chartered accountants are at the forefront of managing and advising the various businesses on their financial stability and integrity. As per the government, people may take time and find it challenging to adapt to the current trend of working virtually. Chartered accountants can switch to cloud software and synchronise it to their systems to maintain their database. Client meetings can be held over video calls using the internet instead of meeting them in-person.
Customers expect and request your recommendation as an accountant. A similar appeal applies, as above, that customers ought to quickly check out their circumstances, make arrangements for how to address issues and situations, and focus on securing income. The emergency influences customers in various manners and with different degrees of seriousness. At times, store network issues and staff inaccessibility are troublesome yet reasonable difficulties.
The UK government is also planning on shifting the Tax-day. Accountants must keep up with the government timelines for tax submission. Due to the volatile environment created by this pandemic, accountants must focus on improving their communication skills with the changing work culture.
Organisations should look up to the infection as a material hazard. The FRC has reliably been urging them to do so and has likewise given debilitations guidance. It is critical to take every step carefully, steadily and most important quickly.
In advance of any budgetary crashes or emergencies, chartered accountants may likewise need to keep ready “crisis” plans for their own association’s needs.
As the UK Government enters the “delay” phase, change can be expected each day with no guarantees from the chartered accountants in Somerset. The World Health Organization’s recommendations are still to self-isolate where appropriate, practice good hygiene and handwashing and continue life as normally as possible.