“I used to say in my team meetings within the firm that when they were last in the office, they looked around and saw what it looked like. That will probably be the last time they ever see an office look like that again,” says Martin Clapson, managing director at Price Bailey.
Following government guidelines, health and safety of employees will become top priority for businesses preparing for the new normal, but investment in tech will also boom as firms adapt to post-coronavirus changes in the workplace.
Price Bailey is taking measures to restructure its offices across the UK.
“We don’t expect to return to the office for the foreseeable future. We’ve got a booking system in place to come in and clear desks. We’ve cleared the area so that when we do change the layout, we can do that easier without having to move stuff about when we start the process of converting our offices. We only have two people at a time that can come in,” says Clapson.
“There will be a lot of fundamental changes with one way walk systems, two metres distances between desks and people. But we’re not rushing to get people back in the firm.”
Clapson says firms need to ensure the health and safety of their employees as some could be more vulnerable than others if virus is transmitted.
“This is a health crisis first, and we shouldn’t forget it’s a health crisis. Therefore, we are going to take our time to open the office, we are going to make sure that we’re a hundred percent compliant with government guidelines. We take healthy and safety seriously, so we’re not going to rush or take shortcuts,” he says.
“We will have individuals that are vulnerable and that might actually be scared to come into an office and work. We need to make sure that we look after those individuals and give them all the support and help they need.”
Jamie Lyon, head of business management at ACCA Global, stresses that the mental health of employees should not be overlooked by firms either.
“They need to be thinking about their people first, not just from health and safety point of view, but mental health – thinking about how they rely and redeploy the workforce in the future,” he says.
The Chartered Institute of Management Accountants (CIMA) has had to adapt to the pandemic by re-arranging exams and delivering them remotely.
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Starting on May 4, “5000 exams were conducted from home, with another 5,00 lined up to do so over the next weeks,” explains Andrew Harding, chief executive – management accounting, the Association of International Certified Professional Accountants (CIMA and AICPA).
“I haven’t spoken to a single business who has said that digital transformation will go more slowly. The vast majority are saying this will make us accelerate digital transformation,” says Harding. “It [coronavirus] has put it right at the top of the list that businesses need.”
Technology is likely to persist post-pandemic as firms embracing digital transformation have seen positive results in their productivity – creating a gap between ones that have invested in it and those who haven’t, according to Harding.
“We talked to some businesses who said, ‘we really struggled to close the books at the end of every month’. We talked to others who said, ‘we’re closing the businesses, we’re closing the books in less than 72 hours still even work from home’. There’s a big divide between those who seriously invested and those who didn’t.”
As firms continue to work from home, reliance on technology will grow, particularly for audit firms looking to support clients throughout the crisis, says Lyon.
“Through remote working, firms are put in a situation where we have to rely on technology – that’s a real catalyst for digital transformation within organisations. This will make auditing firms and practising firms even more efficient and better suited to support clients with digital transformation.”
“You’ve got to invest in digital transformation. As an accounting firm, it will unlock a lot of opportunities, it’s going to help employee engagement, better service your clients, reduce risk.”
Opportunities for accounting firms
Companies facing financial difficulties post-crisis could demand further support from their accountants – an opportunity for advisory firms to show how essential they are in keeping their clients’ business up and running.
“We’ll see some new opportunities coming through for accounting firms, particularly around the broader advisory piece, particularly around risk management, around business continuity, maybe even some additional regulation work in the in the face of coronavirus. This is going to give them more opportunities to engage with clients more effectively, faster,” says Lyon.
“The future is very bright for the profession and bright for accounting firms. This crisis is showing that you do need people who are financially astute, who can advise businesses properly.”
But while government support eases and companies close their doors, accounting firms will also need to protect their own business, warns Clapson.
“We are a business, and as a business we can’t afford to do work for clients who don’t pay. At some point, we might have to have some difficult conversations with good clients. I think a number of accountancy firms, some of which have done already, will be stricter on payment terms.”
This article has been edited since its original publication.
*”The Chartered Institute of Management Accountants (CIMA) has had to adapt to the pandemic by re-arranging exams and delivering them remotely,” instead of “The American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA) have had to adapt to the pandemic by re-arranging exams and delivering them remotely.”
*”Starting on May 4, “5000 exams were conducted from home, with another 5,00 lined up to do so over the next weeks,” explains Andrew Harding, chief executive – management accounting, the Association of International Certified Professional Accountants (the unified voice of CIMA and the AICPA),” instead of “Starting on May 4, “5000 exams were conducted from home, with another 5,00 lined up to do so over the next weeks,” explains Andrew Harding, chief executive – management accounting, AICPA.”
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