Many businesses are currently facing a unique challenge – they are faced with the dilemma of how they can conduct their business optimally during this pandemic. They simply do not have the knowledge or the capabilities of mitigating the effects of the pandemic.
If you are a business owner and looking to develop a response plan to the pandemic, then outsourcing your accounting and bookkeeping services to an accounting firm in Singapore, like Ackenting Group, can aid you. Not only do we keep your business records up-to-date, but we can assist your company to remain fully operational despite the COVID-19 pandemic.
There are many ways you can properly mitigate the effects of the novel coronavirus. Here are 4 simple ways to get your systems in check and tackle COVID-19 through outsourcing and more.
1. Look into outsourcing
One of the best ways to face the pandemic is to outsource. This means redirecting your focus and time towards your core business, and leave other functions to outsourced experts. For example, an audit firm like Ackenting Group, can monitor your financial records, your business performance, as well as your current revenue and cash flow. Financial reporting is vital during a crisis like this, and outsourcing to an accounting firm can prove to be essential for your business.
Outsourcing could also become the new normal, and you might have to be prepared for it. Imagine that your company has put policies in place to minimise personal human interaction and contact, which is where outsourcing would come in.
2. Review All Your Team’s Travels
The first priority after you get your outsourcing plan in place is to establish the location of your staff and how they are doing. Are they in an affected area? If you have an international branch, what are the protocols they have in place in the event that you might need to repatriate some of your employees? Review all of your team’s travels, where your employees are, and make sure that you cancel all unnecessary travels in the meantime.
3. Revisit your continuity plan
What is a continuity plan? In the chain of command system, you have the head of the organisation followed by the managers and supervisors. If you want to fully face this pandemic, you need to revisit your continuity plan and have other plans in place. When you outsource some of your business models or your business processes, you also need to have a backup in case the first choice fails.
4. Look at other potential risks
The pandemic is not your only enemy. There are also other potential risks that you have to be ready for. If you are outsourcing and using a more digital approach, this would include your cybersecurity and your vulnerabilities in terms of a cyber-attack. Are you ready for these different kinds of risk? You can mitigate the effects of COVID-19 if you have steps in place. The best way to keep going is knowing that your business, as well as your employees, is able to survive this crisis.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
