Closing the Books If You're Working Remotely
In the May 2020 issue of the Small Business Monthly “Financial Fitness” column, Wanda Salzman, Entrepreneurial Services Group Manager, and Natalie Mamrenko, Entrepreneurial Services Group Manager, discuss tips to ensure your business is prepared for a virtual close, no matter where you and your employees are working from.
The COVID-19 pandemic has presented challenges many businesses and organizations never contemplated or planned for previously. Closing your books while working remotely may be one of the many critical tasks you’re struggling to figure out.
In this time of crisis, keeping your financials organized and up to date is more important than ever—especially if you are seeking emergency aid through programs provided under the CARES Act. Financial institutions and government agencies will require up-to-date data to issue loans and grants to keep businesses going. Here are a few tips to ensure you’re prepared for a virtual close, no matter where you’re working from:
- Make sure you can access all the data you need. Go through your close checklist to be sure you have all the inputs and data you need to close your books. Do this quickly to ensure you get ahead of any issues with data flow or accessibility.
- Make sure preparers and reviewers can access all tools and systems. Think through the availability of systems that you need to complete the close process and address any gaps that might prevent you from getting it done.
- Ensure you have a collaborative platform your team can use to work securely. The ability to collaborate in real time is crucial, as well as being able to ensure your internal controls are operating and version changes are properly tracked.
If you have experienced disruptions due to COVID-19 or if your team needs help going through the close process virtually now or in the future, our team is ready to help you maintain access to the financial data needed to run your business.