The Covid-19 situation is escalating causing uncertainty and disruption, across the world. The scale of the COVID-19 crisis has undoubtedly impacted all segments of the population. COVID-19 has so far affected 213 countries or territories or areas, and most parts of the world are under complete lockdown to reduce the spread of the disease. Other measures taken by the government authorities include social distancing, remote working, travel restrictions, and more.
This lockdown has caused most economic activities to come to a standstill with most industries working remotely.
- Industrial Sectors Most Affected by COVID-19
- Travel and Tourism
- Automotive and Technology
- Oil & Gas and Mining & Metals
All eyes will be turned to the financial services industry to see whether they can act decisively in response to the challenges that has posed by this current healthcare emergency. Most business are facing severe financial difficulty. Therefore, it is important that the financial service organizations must be flexible, agile, to address a wide range of possible effects, providing appropriate solutions and must react to the best of the situation, thus maintaining the stage for a viable financial economic recovery.
There are many challenges that companies will face during the upcoming months
- Maintaining cash flows to provide payment to staff and creditors
- Ability to perform contractual obligations to customers, suppliers, financial institutions
- Protecting staff, customers and the public from infection
- Loss of key personnel due to illness
Amidst this crisis, most of the accounting firms across the world is providing uninterrupted support for their clients remotely. They provide different financial advisory services, and inform clients about the different options available to them. They provide proactive support to the clients, on how to best mitigate the impact of COVID-19 to their companies. The accounting firms provide help in different areas, including
- Advise and support on working capital reviews and requirements.
- Provides support in developing sustainable recovery plans.
- Provides independent, contentious valuations of your business.
- Monitor the local tax environment and its consequences on your business
- Provide support for strategic workforce planning, including remote workforce planning, flexible contracts
- Crisis response and business continuity planning
- Evaluating financing options
- Quantifying stimulus tax benefits
- Formulating financial strategies
- Supporting transactions
- Reconsidering business and asset valuations
The crisis will fundamentally alter how people work and engage. For each organization, the methods that should be adopted will differ. After all, the efforts to be made must be to protect and empower your people, to serve the core needs, and to establish business continuity.