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How the Pandemic Has Affected the Accounting industry

Updated: Mar 28, 2022

The pandemic caused a lot of change in several industries, and the accountancy sector was no exception. However, industry challenges don’t always mean a business will fail and have even led to companies offering innovative approaches that helped professional sidestep obstacles like social distancing and shopping restrictions.

New Skills Acquired During the Pandemic

A change of direction was a necessity for the accounting industry, especially for firms that offered clients a face-to-face service in the past. Fortunately, the advancement of technology has allowed accounting firms to offer clients the same great service, albeit with a different approach.

Of course, email and telephone are still viable contact methods, but video conferencing platforms like Zoom showcase how productive video messaging can be, many have used the format to deal with complex questions that clients may have.

The concept of cloud computing has also been utilised and can mean that sharing invoices, expenses, and taxes online is secure, effective, and straightforward.

Despite the challenges that were originally on the horizon, a change of approach when dealing with clients had meant that many accounting firms can still offer a bespoke service without having to worry about social distancing.

The Pandemic Has Shown How Strong the Accounting and Bookkeeping Sector

People will know that some sectors suffered throughout the initial lockdown, and unfortunately, some were forced to cease trading. The ongoing news of businesses suffering during the lockdown could lead some to assume that accounting firms would also experience a loss of clients.

Of course, there were some decreases in the people using accounting and bookkeeping services, as some must pause their operations while deciding which approach the business should take.

However, as momentum gathered, accounting and bookkeeping services saw an increase in users, which can be attributed to the innovation shown by those hindered by the lockdown.

The worrying aspects of the lockdown soon led people to experiment with their creative side, and many businesses were created in lockdown. Some were planned, but many were a result of people wanting to make some money during a difficult time.

Those operating a business for the first time found that they could access tools that were only available to large merchants in the past, so accepting card payments was easy and affordable, and the perfect form of payment for the pandemic.

The online success for some was unexpected and overwhelming, with many people passing the financial aspects to a professional bookkeeper. This also showed people that enlisting the services of a bookkeeping professional was not only affordable but could help strengthen the small business moving forward.

The pandemic is not something people want to see again, but it does show how people can adapt and change in adverse situations and make the best of their situation. It also showcases that accounting and bookkeeping firms are flexible, innovative, and designed to get the most from your business.

If you’re considering starting a small business, or just want to enquire about the options available to ensure you get the most from your business financially, then why not get in touch with ProBookeeper to discuss your requirements in more detail.

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