It has been over 18 months since pandemic hit the nations around the globe. Since then it has changed the way we work, live, operate and conduct business. The priorities in every business has been health and safety. The disruption has resulted for everyone to adapt to the new environment, we are no longer working the way we were doing in the past. The decision making has accelerated, the office environment has been restricted remote network and zoom/teams meetings.
The accounting and audit function is being performed in cloud environment. Different enactments have been put in place to regulate the limitations of remote environment. Distributed database systems are being implemented in all the functions of the business and finance is no exception. The signatures/ approvals / sign offs are digitally provided and documentations are carried out in electronic form. The paper trails no longer exist in the systems.
Certain businesses like retail, mail, grocery, essential services, etc do still operate using the traditional systems. They are working towards digitalization of their processes, but they might not be able to achieve 100% digitalization.
Our Governments (US & Canada) also deserves an applause in supporting the businesses to cope up with the adverse effect of COVID-19. The government had provided billions of dollars worth of fundings, subsidies, loans to various businesses across sectors who have been hit the highest due to COVID-19. It may be worth considering that the government is still making plans and policies to support the businesses and more is still to come in the future. The government support is not only limited to the business but also extended to residents and taxpayers of their countries.
Pandemic has resulted in the investment in technology, better health awareness, new digital relationship, adaptive approach , etc. There has been risk factors related to stress, anxiety, depression and isolation. The positives have been towards healthy approach, sleep patterns, better diets and family time. However the medical and health care workers efforts are major contributor towards battle against COVID-19 and deserves an applause.
However the battle against COVID-19 is not yet over and we need to learn to live with it, however precautions and vaccinations can help to reduce the impact of COVID 19. And we are still evolving the way we carry out the business.
Stay Safe!!!