BENGALURU, March 24, 2020 /PRNewswire/ — In times of a crisis at an international level, not only does it become important for a company/brand to look after its employees’ wellbeing but also manage its resources and finances well. Certain crisis can set off a financial contagion in a world economy with very different vulnerabilities.
Take for example the recent crisis that took place due to COVID-19 pandemic. It is too early to confidently predict the course of the economic downturn facing us, a recession is certain. Compared to the financial crisis that took place in the US in 2008, this one has resulted in shutting down the world’s major economies and shutdown may continue for a longer time.
As per the AICPA Economic Outlook Survey, CPAs (Certified Public Accountant) in the US are concerned about an expected global fallout from the recent outbreak. Their outlook on the U.S. economy had risen in months prior to the pandemic. However, their responses in the final week of the survey, after a decline in the stock market due to the recent crisis were much more pessimistic. 21% of CPA business executives reported a slight impact. Those affected (collectively 28%) said they had seen some combination of supply chain interruptions, factory shutdowns in China or other affected regions, and decreased sales to China or other markets CPAs.
With the recent lockdown in US and other countries, along with chances of an expected recession, it is going to be a tough and testing time for CPAs. Since audit firms require human intervention and CPAs visit clients’ offices to work on the client’s financial audits, they might not be able perform at their best during this lockdown. Similarly, compilation & review, Tax return preparation are time-bound, though the dates have been extended, meeting the deadlines is going to be difficult. However, some companies may not be affected, particularly if they are adopting a mix of telecommunication, technology & the Internet. Communications between the client’s staff and the CPA firms can be done via video conferences or over emails/apps/cloud.
Companies like Boston Financial Advisory Group have been implementing technology-oriented solutions in unison with financial accounting, consulting, and advisory services enabling BFAG to take over their client’s financial processes and engineer them to ensure accuracy and minimum human intervention. With constant 24×7 secure online access and 1000+ years of experience, BFAG has tools to easily ensure data updation, obtain real-time management information with minimal effort and manual intervention.
Sameer Paddalwar, the CEO, Boston Financial Advisory Group says, “The aspect which makes us standout is our preparedness in handling situations like this. Implementing efficient technologies in our mainstream processes has allowed us to create an amalgamation of reliable staff and state-of-the-art technology. This amalgamation provides us with the resources, required for us to handle your routine financial activities in an effective manner with minimum human intervention which is all the more necessary in these times of social distancing.”
He further adds, “Most of our clients have experienced savings in terms of staff costs, infra costs, not to mention the time and effort involved in hiring and retaining experienced staff.”
Procedure followed by BFAG:
- Tax Return Preparation – Upload client documents through out of box application Compliance-in-Box (CiB) for secured file transfer protocol and Tax preparation workflow. Connect with a team of experienced tax professionals and CPAs and, get the tax return prepared. One can verify and file from anywhere, even from the comforts of their home.
- Compilation & Review – Strong team of CPA’s, experienced Accountants will do the compilation & review to aid in tax return preparation. The E-Audit functionality in Compliance iNbox has features such as preparer and reviewer, log management, file management, completion of activity that helps CPA’s, their Staff and Client Management to be on same page.
- Accounting / Bookkeeping – BFAG’s experienced team of Staff Accountants will do accounting based on information provided.
