By the end of 2021, your company will have been through a year-end close during COVID-19. As a result, you likely had to face challenges unlike anything else you experienced. Overcoming these obstacles should have helped you prepare for your next year-end close.
The following are some of the challenges you may have faced with your previous year-end close that can help with your next one.
Implementing New Technology
When the pandemic began, you may have had to invest in different technologies to support remote employees. Perhaps you moved from in-house servers to cloud technology and invested in firewalls, encryption, virtual private networks (VPNs), and password management technology. Maybe you purchased laptops rather than desktops for your new staff members, bought software to digitally sign documents, and required a specific internet speed for your remote workforce. Using these types of technology increased efficiency when completing year-end tasks.
Remotely Completing Year-End Tasks
Your accounting team likely was meeting through Zoom or Microsoft Teams instead of getting together to prepare for year-end in 2020. As a result, they probably were pulling documents from a shared drive rather than filing cabinets. Using a centralized platform let your team members find the updated information they needed when they needed it.
Closing Down Office Space
With the need for accounting teams to work remotely, your company may have chosen to sublet its office space or not to renew its lease. Going forward, leadership likely is reviewing whether office space truly is needed to operate the business. They may adopt a hotel model, where staff members reserve an office for a set time to meet a client. Or, leadership may decide to keep the accounting team remote. Regular communication lets staff members know what to expect, how to get their questions answered, and where to go for support.
Staying Compliant with Reporting
If your company received any type of government subsidy, you had to provide reports to support receiving it. For instance, if you changed your IT infrastructure or closed your office space, you had to report the changes. Your accounting team needed to stay current on the appropriate accounting standards that apply to the support programs you were using. They also had to consider how a subsidy should have been reflected in the company’s financial statements.
Bringing Aboard New Accountants
Knowing how to source top accounting talent on demand is important. In Manitoba, many employers turn to Mercer Bradley for help. The following is one testimonial from a happy client:
“Mercer Bradley was able to provide us with 2 quality candidates to choose from within days of reaching out. The one we chose has fit in well with our longstanding employees and there have been no surprises since hiring her. Not only is the company really good at placing candidates, but that’s not the end of their process. The follow up by Mercer Bradley with both employee and employer allows for both sides to open up a bit more than they normally would.”
Mark T, Assistant Controller, Agriculture Company
Are You in Need of Accounting Talent?
When you are in the market for accounting and finance professionals in Manitoba, turn to Mercer Bradley. Find out more today.