New eBook by AcctTwo Outlines Steps to Ensure Post-COVID-19 Financial Recovery with Digital Transformation

The cloud accounting and finance experts at AcctTwo announced the launch of their new eBook to educate finance and business leaders on the steps to take to emerge stronger from the current disruptions resulting from the pandemic.

The AcctTwo eBook, entitled “Post-COVID-19 Business Model: How We Can Emerge Stronger and More Resilient,” was created to educate business and finance leaders that it’s essential to embrace and deploy business continuity planning. The new eBook details the five main steps that are essential to be able to maintain operations and growth even when outlooks are uncertain.

AcctTwo’s business continuity planning eBook has several chapters outlining best practices, including:

• First, the Basic Block and Tackling
• Digital Transformation
• What-if Scenario Modeling
• Re-Examine Your Business Model
• Transitioning to a Recurring Revenue Model

Here is an excerpt from the eBook:

Take, for example, the area of enterprise software. Businesses and accounting departments that moved to a multi-tenant, cloud-based, customer relationship management system, and a similar accounting and financial management system didn’t have to worry about not having access to a data center. They don’t have a data center. They didn’t have to worry about getting into their offices to access workstations that have critical accounting software running on them, because they can log in from home, or on their phones (or any other device), anytime they need to. Add to that the ability to create virtual teams by leveraging technologies like Microsoft Teams, Zoom, GoToMeeting and Slack, and you have an accounting workforce that can fall back to working from home on almost a moment’s notice.

There’s something to be said for avoiding the “bleeding edge” of technology, but the COVID-19 experience suggests that being in the late majority or a laggard is not actually the lowest-risk strategy for technology adoption. A strong argument can be made that one should adopt new technologies just as soon as is feasible for the organization.

Companies should also make sure their digital transformation goes the “last mile.” I’ve seen many organizations implement 100 percent cloud-based accounting software applications but still have “pockets of analog” in various places that become stumbling blocks when you need to live in a 100 percent virtual world.