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In 2020, COVID-19 affected lives across the globe. Unprepared businesses, especially small businesses, closed down. According to a 2020 report by the World Economic Forum, many organizations were forced to rapidly change work practices. Changes that would have taken years to be fully accepted in non-COVID times have been implemented in a matter of weeks, pushed by the COVID-19 crisis. Small and medium-sized enterprises are expected to face greater problems in recovery, compared to larger businesses. This is because these smaller businesses operate on slimmer profit margins and smaller cash reserves.
Good accounting practices for business continuity planning
Accounting practices, CPA firms, and other businesses often must balance high volumes of numeric data with mandatory processes that follow regulatory norms. Ensuring these essential requirements are aligned with remote working requirements can create challenges that can affect business continuity.
The following accounting tips can help small businesses plan for a crisis while maintaining operational efficiency.
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