Rachel Daddesio is a financial expert with years of experience handling challenging situations. And few issues have brought her more worries than the Covid-19 pandemic crisis. She sees many accountants making mistakes or not taking the proper steps that they must during this time. As a result, she recently discussed the ways that an accountant can avoid issues during the pandemic.
The Problems Rachel Daddesio Sees With Accounting During Covid-19
As the Covid-19 pandemic spreads, Rachel Daddesio is watching the economic world changes with great fear. The economic slowdown has already started and may get worse as time passes. And the accounting world will be significantly impacted in many ways. For example, Rachel Daddesio sees a degrading of non-financial aspects that could make accounting more of a challenge.
These aspects include elements such as a company’s reputation and the goodwill fostered between them, the public, and everyone else involved with the business. These changes could be adverse, Rachel Daddesio argues because accountants may find it hard to track these elements in a pandemic – when so much is uncertain, the changes are likely to be catastrophic in their impact.
However, Rachel Daddesio believes that accountants are going to struggle to calculate risks, gauge deferred tax assets, and measure the inventories of companies that may be having a hard time selling. All of these changes are things that Rachel Daddesio believes accountants must prepare for soon. And if not, they run the risk of more long-lasting issues that may affect their business and their career.
Approaches That May Help | Rachel Daddesio
Although Rachel Daddesio is concerned about the changes that Covid-19 has brought to the business and accounting worlds, she also believes that they can be managed in several ways. For example, she is a great believer in timely reporting – during the pandemic, these reports may have to occur weekly to give companies a better understanding of what to expect from their changes.
Though preparing these weekly reports can be a challenge, Rachel Daddesio believes that they give accountants a better understanding of what their clients need. Beyond these factors, Rachel Daddesio also argues that risk assessment must be increased and expanded to ensure that companies don’t take unnecessary risks. For example, significant expansions of a brand may not be wise in uncertain times. Rachel Daddesio argues that it is up to an accountant to understand these factors and help their clients make smart decisions.
She also explains for higher internal control of accounting during this crisis – this step helps to centralize this type of financial service and ensures that it goes smoothly and efficiently. And Rachel Daddesio also believes that uncertain economic relief packages should be considered “bonuses” in a financial situation, rather than key to success, as they may never come in spite of many promises.