Facing the New Normal of the Accounting Industry

Now that we’re on the downslope side of the curve, businesses are starting to bring back the vigor of the pre-pandemic days. But how has this affected the new normal of accounting?

What Worked

• Shift to the Cloud

Having an access to cloud technology was proven to be an important factor for the accounting industry in surviving the pandemic. Shifting to the cloud gave them a better chance in performing at an optimal level even while working remotely since the cloud technology allows collaboration and real-time updates from different users. 

• Online Client Onboarding

Content marketing paved the way for a new client onboarding. Meaningful content and the power of conversations were reintroduced to  convert leads into clients. 

What to Improve

• Virtual Collaboration among Teams

Consistent communication is a must especially when your team is working from home. Virtual collaboration allows sharing of documents and simultaneous changes on a single file. 

• Resources Allocation

Some firms weren’t prepared to implement abrupt turnarounds, while some needed to downsize due to the pandemic’s impact. In both cases, proper allocation of resources is a key step in keeping the firm up and running, which makes finance and accounting outsourcing a viable option to reallocate your resources.

What to Expect

• Continuous Remote Team Work

Returning to onsite operations is possible but most firms are opting to continue working from home until employee safety is guaranteed.

• Changing of Roles 

The restructuring of the accounting industry led to a more diverse working space for everyone in the team. The dynamics brought about by the technology created new roles and functions that previously didn’t exist, allowing firms to get ahead of the competition.

Technology plays a huge part in forming the new normal of the accounting profession. With the right tools and expertise, firms can face the post pandemic season with certainty.

D&V Philippines has a full-house of finance and accounting experts fit to help you achieve your business goals. You may download our free Talent Sourcing guide to know how we can handle your business needs or  get in touch with us today to know more!