COVID-19 spread rapidly throughout 2020 and in spite of multiple measures put in place to limit the effect coronavirus had on our economic activity, it’s safe to say that there have been huge implications.
One such area that’s been greatly affected is financial reporting and indeed, accounting for businesses during COVID. Industries across the board have been affected, from travel to retail, entertainment to tourism; from temporary business closures to event cancellations and more. While some have found themselves allowing for delays within their supply chains, others have had to adapt to greatly reduced demand.
Add into this the fact that financial services such as banks and insurers that provide the funds, lending and even protection during these times have been greatly affected too and it makes for uncertain times. Thankfully, the government has put a number of business relief policies in place to help those struggling the most during.
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Could You Seek Help With Business Relief?
With many businesses increasingly growing concerned about their ability to continue through the pandemic, it’s brought great comfort to know that actually, there are several ways in which a business can receive support. From paying employees to paying sick pay and even paying your tax, whether you’re a Ltd company or self-employed.
More recently, the government has announced they’re putting £4.6 billion into brand new lockdown grants to help support and protect businesses and jobs. This grant will cover a range of sectors from retail to hospitality and will make available one-off grants up to £9000.
The new one-off grants have been put in place to help billions of existing business support while providing grants, in some cases worth up to £3000 for closed businesses, as well as grants worth up to £2100 per month for those impacted upon reopening.
For those specifically within the retail, hospitality and leisure industry, the government has also provided 100% business rates relief. Add to this a further £594 million discrepancy fund to help other impacted businesses and the £1.1 billion discretionary grant funding for local authorities as well as extensions on the furlough scheme and it makes for far more comforting reading.
What Can You Do?
While this help from the government is very much needed, it’s also worth noting that there are certain things that you can do, or indeed implement to help you while remote working becomes ever more a part of our daily lives. More specifically, how Microsoft Dynamics 365 Business Central’s In SaaS (cloud) option can help you and your accounting during this incredibly difficult time.
Whether it’s a lack of being able to see what’s going on from your make-shift home office or simply down to a lack of communication and understanding, this sudden and sustained transition into remote working has left many of us struggling however with Dynamics 365 Business Central, your accounts and financial reports need never suffer again. With this SaaS (cloud) hosted ERP software, you can see several benefits to your accountancy processes through:
- Integration – with every customer often having their own IT setup, it can become difficult to not only streamline processes but also create a solution that works for everyone. With Office 365 however, all authorised users can enjoy access to applications and data when needed, from any of their devices. All changes made to documents will sync and become ready on hand for everyone. This means there will only ever be one live version of figures and it will be available to all who need it.
- Security – by opting for managed services, you can keep track of who is accessing what and when. This gives you, the finance team (and your accountants) peace of mind that critical applications can be accessed when needed, without the concern that data may be jeopardised.
- Real-Time Reporting – with only one live version ever available, that’s continually updated, you can rest assured that you’re not only enjoying real-time reports but you’re always looking at the latest version – just the same as everyone else.
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Need Help With Your Accounts During COVID?
If you’d like help keeping track of your business’s financials, to make accounting during COVID-19 easier than ever, we suggest Microsoft Dynamics 365 Business Central. With this scalable ERP software, you’ll never run out of functionality and you’ll enjoy far more control over your entire company’s operations, wherever you are thanks to SaaS (cloud) implementation.
For more information on 365 Business Central, and how it could help you with your accounting and so much more, during and after the current pandemic, please don’t hesitate to contact us at D365 experts on 01268 724 005 or email us via [email protected].
