What Changes Has COVID-19 Caused For Accountants?

Business Advisory Services Updates

Accountancy firms have experienced significant increases in work activity directly as a result of assistance being given to business clients relative to surviving the COVID-19 crisis.

In many respects this is the first prolonged experience that many accountancy firms have had with delivering a broader range of professional services (commonly known as 'Business Advisory Services') to assist clients.

The real impact from COVID-19 for accountants has been:

- The first two weeks of every month are very busy, primarily relating to JobKeeper matters.

- A lot more contact with some clients.

- Additional services to assist with bank loan applications including preparation of Business Plans, Budgets and Cashflow Forecasts.

- The effect has been very severe for some accountancy firms, because of the requirement for the accounting team to work from home and because a high percentage of a firm's clients have been involved in industries directly affected by COVID-19 inspired government restrictions.

The challenge for accounting firms is to take advantage of the COVID-19 crisis to be able to introduce a broader range of commercial services which will contribute to a client's success.

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What Changes Has COVID-19 Caused For Accountants?