As we look back over the last year, many thoughts and emotions may come to mind – some social, some political, and some just plain emotional. However, when you take a few minutes to digest what we learned through the pandemic, it should spark a feeling of accomplishment. We learned to work in new and different ways. We were challenged to make an impact, to put first things first and to rely on the expertise of those around us.
The COVID era challenged the cliché “business as usual” and taught us a few things that will transform us in the months and years ahead as we open the economy and start gathering once again.
Business Relationships Vital to Success
It’s not so much what you know but who you know. Expertise was highly sought after and getting the right advice from professionals in your corner allowed you to succeed and maneuver through many challenges. Legislation was and is changing rapidly, and having your accountant or legal professional available, accessible, and trending with current pronouncements gave you the needed push to make it through. Not just make it, but to see success at the end of the journey.
Up to Date Record Keeping is a Necessity
Having your accounting records clean and reconciled allowed you to understand the pandemic’s effect on your business and strategize with your accountant. Perhaps you even enrolled in a few government programs designed to maintain and safeguard your greatest assets, your people, customers, and facilities.
Keeping Your Eye on Legislation Especially Tax Legislation
Tax legislation was introduced, passed, and implemented at record speed. Staying abreast of the action of legislative bodies and how it impacted you and your business gave you the ability to strategize, make key decisions, and be stronger after the pandemic than when you entered it. Reaching out to tax accountants to guide you through these ever-changing laws provided you an opportunity to enhance business assets and to build for future growth with those who understood and could interpret the legislation best.
Technology is not a Luxury; it’s Essential
As the world shifted to a virtual environment, online software and platforms allowed your business to continue with minimal interruptions. Businesses once apprehensive of storing data in the cloud were now embracing the technology with open arms. Accounting systems and transactional processing were being tested for automation of key functions or outsourced altogether by those accounting firms specialized in such matters. Service providers were collaborating with each other to make their product multi-use and app-driven as the world regained momentum.
Supply and Demand is Stretching Us
The pandemic stressed goods that were typically in abundant supply causing delays, price increases and general economic insecurity. On the other hand, companies that were able to reengineer their product and develop new ones came out of the pandemic in a better position than when it began. Research and development expenditures, sometimes an afterthought were the driving force to impact and change the direction of the pandemic-driven world.
In the weeks and months ahead, let us not forget the momentous journey we have been on and focus on ways to continue our efforts as we navigate the virtual world and impact those closest to us.
Contact Cray Kaiser to find out how we can partner with you as the economy reopens.