Online Accounting Post-COVID

The operations of most of the businesses are impacted due to the complete lockdown imposed by almost all countries. Impacted most are the small and medium businesses that struggle from month to month in managing their working capital, production, shipments, finance, compliances, etc. A sudden lockdown made the small businesses temporarily paralyzed as business continuity was never a major point of discussion until the crisis hit earlier this year. Experts feel that even when the lockdown is lifted, the businesses will take at least one year to come back to the pre-corona period levels provided efficient measures are adopted by the business owners.

Being in the client servicing industry for close to 12 years, I can say from my experience that the small businesses were operating in a traditional way for a long time. Where systems operate in an offline mode and often consist of old and redundant processes. However, to overcome this phase where potentially most of the small business risks going out of business, drastic measures are required. One such measure that is need of the hour is having an online finance/accounts department. As they say, finance is the backbone of any company, and accounting is an integral…