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Managing your company during on the coronavirus

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Apr 20, 2020

In April 2020, Accounting Today released a series of articles on managing your company during the coronavirus.

Review these articles:

Coronavirus and Wayfair decision affecting state tax revenues

The Supreme Court decision in the Wayfair case combined with the pandemic are having a wide-ranging impact. It’s one thing to have economic nexus, but states also need to impose the obligation on marketplace facilitators. If you just have economic nexus, then all those retailers that sell on the marketplace have the obligation to collect, but the marketplace doesn’t. The states have figured out that if they make the marketplace collect, they can collect on the really small sellers that they couldn’t otherwise, since many of the smaller retailers don’t meet the threshold for economic nexus.

Global economic confidence plummets due to coronavirus, say ACCA and IMA

In normal circumstances, economic conditions change little in the space of just a few weeks. But these are not normal circumstances. So, although global confidence and orders both fell significantly in the Q1 survey, they do not convey the true scale of the global economic contraction that is now in progress. What is abundantly clear is that the global economy is heading into a recession, initially at least a severe one.

The coronavirus pandemic requires bold firm leadership

One of the pillar qualities of great leadership is adapting to the situation. Every workplace has different variables, from the personalities on a team to the health of a business. In accounting, one of the biggest environmental factors in the workplace comes in the form of seasonality. There are no getting around tax deadlines and the way they warp the accounting calendar. No matter how far you plan ahead, you will have to deal with the added stress and excess work that tax season entails. How you approach this situation as a leader goes a long way toward determining team success and mental well-being.

10 ways to immunize your firm during a crisis like the coronavirus

While the effects of the pandemic will be felt — and continue to evolve — for some time to come, it’s crucial for accounting leaders to think through their firms’ actions and to have a process in place to evaluate and redirect as necessary. Here are 10 suggestions to help firms think through near-term needs and create a plan to help shore up business continuity and mitigate some risks during this sensitive time.

3 steps to manage your company during economic uncertainty

Some companies are mobilizing to meet increased demand or pivoting their business models to better serve the changing needs of their customers. Others are facing much more difficult scenarios as their revenue streams evaporate. These challenges are exacerbated by the speed at which conditions are changing. Businesses must adapt rapidly, and the time for decisive action is now. Companies that operate well through this downturn may be able to leapfrog competitors.

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