Loading...
reach us

Request Personal Contact

We will never disclose your information to a third party. (*Required)
Posted on 03-19-2020
Accounting Department Operations: COVID-19 - Remote Work for Accounting Departments

By: Danielle Supkis Cheek, CPA, CFE, CVA

The switch to remote work is here and most companies are going through the immediate needs of continuing daily operations as best they can. However, there is a second phase of urgent modifications companies need to be ready for after getting the most immediate needs addressed.

Some accounting departments are going to have trouble with shifting to an extended remote work schedule. While checks have almost all but gone away for personal finances, checks are still the most common form of payment in most B2B operations, due to the low costs associated with checks (as compared to merchant fees) and the historically simple operational workflow for companies.

Below are priority levels to consider depending on your company’s situation:

Immediate Urgent Delayed    Minor None
  • Does this impact payroll or safety of employees?
  • Do you have your IT environment and HR policies in a place that will allow for remote work?
  • Do you have the ability to deposit checks remotely or via a lockbox?
  • Are you able to remit funds as approved?
  • Have you been able to adapt your controls to prevent fraud and errors in remote work environment?
  • How are you safeguarding other assets of the business?
  • Will this turn into a higher-level issue if it is not dealt with in 24 hours?
  • How are you going to roll-out a monitoring system for accounting and operations, as appropriate?
  • Will this turn into a higher-level issue if it is not dealt with in 24 hours?
  • Most everything else
  • Not going to spend any time on the task as it provides no value
         

 

This white paper contains general information only. Pannell Kerr Forster of Texas, P.C. (PKF Texas) is not rendering accounting, business, financial, investment, legal, tax or other professional advice or services. This information sheet is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor.