Eight Advisory Opportunities for the next 100 Days
CPAs continue to be on the frontlines of this financial recovery and serve as a linchpin to US businesses and our economic recovery. As we wait for the next major relief package, CARES4 and we see resurgences of cases around us we realize this is going to be a longer process than we first thought. This presents an opportunity to move from 'essential to indispensable' as we help businesses survive and hopefully thrive in the next normal that will emerge from this pandemic. At the AICPA ENGAGE Conference in July, Barry Melancon, CEO and EVP of Technical Services, Sue Coffey offered eight opportunities for the next 100 days according to Accounting Today's Editor-in-Chief, Daniel Hood writing in Engage 2020: Opportunities ahead for accountants.
We recently reached out to our friend and strategic partner, Daniel Burrus, who said, "our post-pandemic success will be determined by the actions we take today, not those that we wait to do, post-pandemic." It is in that spirit that we hope you will consider these opportunities.
[caption id="attachment_645338" align="aligncenter" width="700"] The five stages of navigating COVID on the path to recovery[/caption]
Here are eight opportunities for you to consider:
- Navigating relief programs. “There's likely to be additional stimulus packages coming,” Coffey noted. “So helping our employers and clients understand which ones are for them is an opportunity.”
- Scenario planning. “This actually extends well beyond cash flow to business modeling and transformation, mergers and acquisitions, and certainly business restructuring,” Coffey said.
- Business interruption and recovery. “We can help with business interruption insurance claims, we can help with damages, we can help with business valuation,” she added, “but risk is paramount.”
- Bankruptcy services. She noted that some firms are training all of their professionals in this area, in the expectation that these services will be in high demand.
- Reopening consulting. “Distance model restructuring is a critical component,” noted Melancon. See our Guide to Reopening.
- Supply chain management. The pandemic has introduced an unheard-of level of risk into corporate supply chains. “This is going to be a big issue moving forward,” said Melancon.
- Fraud prevention and data security. “Those are services we perform every day for clients,” Coffey said, “and we have greater opportunities with them now.”
- Cloud computing. Especially Client Accounting Services. “The most successful entities coming out of the pandemic are those that have the right cloud-based systems,” she explained, “and we can revise and help implement those.”
As futurist, Daniel Burrus recently said in a session with Maryland Managing Partners, "This is a defining moment for our Profession, what do you want to be remembered for post-pandemic?"
More resources from MACPA:
From Essential to Indispensable: Five steps to navigating the COVID-19 storm
Expected CARES4 Relief Provisions as of 7-31-2020
MACPA offers guidance on how businesses can safely reopen