5 days ago — 13 min read
Since the beginning of March 2020, businesses across Manila, the Philippines and throughout the world have experienced significant and unexpected changes at both a macroeconomic and microeconomic level.
At the start of this year, not many could have envisaged these circumstances arising.
From startups to SMEs to larger corporates, every business has had to adapt their processes and operations to this new economic reality.
So we have outlined below some practical measures that companies in the Philippines can take to help ensure continuity of business operations during COVID-19.
Many businesses in the Philippines have now moved to a work from home arrangement. This transition, particularly where there is limited time for planning, does not come without its challenges.
These are just some actions that businesses can take to successfully transition to a remote working arrangement and also help to ensure continuity of operations:
Processes. Implementing robust processes at the very early stages of moving to a work from home arrangement is critical for a company’s transition. Processes can be designed and implemented through a combination of process management software, time-keeping solutions, workflow controls and regular team/management engagements. At CloudCfo, we have always been intensely process-driven, both externally when working with clients and across our internal operations. A focus on robust processes has really helped the CloudCfo team to maintain service levels while working from home.
Communication. Constant communication during a time when people are working in various locations is critical. With the range of online applications available to the market, there is little excuse for communication issues arising – either internally within a company or between clients. Platforms such as Zoom, Slack, Whatsapp, Asana and Google Meet are readily available and competitively priced. Leveraging this technology can really help ensure that internal teams (and management) remain as connected and as collaborative as ever.
Connectivity/Internet. When teams are working outside the office, a contingency plan for internet/connectivity issues is strongly advised. Through proactive engagement with staff and strategic planning, companies have a range of options when it comes to connectivity contingency measures including USB dongles, pocket-wifi enablers and load top-ups/load transfers. Making such arrangements is a key element of ensuring that the company can stay connected at all times.
Onboarding. Notwithstanding the current economic circumstances, many companies are continuing to onboard staff at this time. While cashflow management is obviously key, companies also need to ensure they have the right people in place to perform the expected level of work for the company and its clients. Onboarding staff when the physical office is closed gives rise to a range of logistical issues, including work station set-ups, laptop orders and deliveries, printing of ID cards and not to mention, developing relationships with new colleagues and team members! The HR and Administration Functions of the company need to put in place robust processes for ensuring that staff can be onboarded as smoothly and as efficiently as possible.
In the current business climate, it’s more important than ever to ensure that client needs are satisfied and that service quality is maintained.
Companies providing a service or selling a product should, at a minimum, consider the following actions for supporting clients at this time:
The CloudCfo philosophy has always been that the future of accounting, bookkeeping and finance services is through technology. This has become more likely than ever in previous weeks as, with limitations on movement, businesses can pivot towards online solutions in order to manage their finance function.
So how does leveraging cloud accounting ensure that companies can continue to manage and monitor their finance function as effectively as possible?
CloudCfo uses cloud accounting software and online tech solutions across all of our service offerings. This is just one way in which we differentiate ourselves from the traditional accounting firms in Manila and the Philippines.
Many companies are now working from home. The physical BIR offices are closed. However, companies can still complete their tax filings online, ensure compliance and perform proper cashflow management!
How? Through the BIR’s online Electronic Filing and Payment System, otherwise known as eFPS!
We help our clients register their business under eFPS. This is an efficient and effective way to file taxes remotely. No need to leave the office or have an employee stand in line at the BIR! Our recent article outlines the various methods by which companies in the Philippines can file their taxes remotely.
For businesses in the Philippines, registration for eFPS is now more important than ever. For companies that are not registered under eFPS, start considering registration without delay!
Now is also a good time for companies to review their existing banking facilities and understand the various steps they can take to really optimize the use of online banking. During COVID-19, online banking solutions are really helping startups and SMEs in the Philippines to manage cash flow, pay employees, pay vendors and engage with their bank.
So, speak to your bank representative. Review your existing banking facilities. Explore how you can optimize the various functions. This is a critical step in making your company’s finance function as efficient as possible.
Whatever industry or sector your business is operating in, your community (particularly your clients) appreciate being informed of key updates that might affect their business or operations. It is a way to help clients and the market navigate their way through this current crisis.
This can be a very important activity during this time as it provides a value-added service for clients as well as keeping the staff in your own company updated and informed about what is going on.
That’s why CloudCfo created the COVID-19 Information Resource. While the BIR, the SEC and DOLE are releasing regular updates and memoranda on alternative arrangements across the compliance framework of the Philippines, it can sometimes be difficult to navigate for founders and CEOs who may not be au fait with accounting, bookkeeping or compliance in the country.
At the same time, our team also benefits from receiving informative updates from our clients, our vendors and the rest of our community.
Owners, founders, CEOs, CFOs and managers across the Philippines are now spending large parts of their day managing finances. Reviewing budgets and forecasts, closely monitoring cash flow, managing recruitment and making adjustments for sales and business growth are just some of the activities that require greater consideration than ever before.
At the same time, however, some companies are taking actions to look towards the future and the light at the end of the tunnel as we approach the end of ECQ and move towards the new “business normal”.
Whether or not companies are in a position to start strategizing and planning for the future will depend on their business model, industry, sector, funding, stage in the business cycle and other business factors.
Some companies are now, however, exploring new commercial strategies, potential new additions to existing service offerings, strategic hires as well as focusing on the development of their product line – both tech and physical products.
CloudCfo performs all of its services through cloud accounting solutions and smart technology. The use of technology has enabled us to continue full operations since the start of COVID-19.
If you are running a startup or SME in the Philippines and are seeking a partner to help you manage and optimize your finance function, contact our team directly at firstname.lastname@example.org. Alternatively, you can also visit our website to Contact Us.
DISCLAIMER: This article is strictly for general information purposes only. Nothing in this article constitutes or intends to constitute financial, accounting, regulatory or legal advice and must not be used as a substitute for professional advice. It is still necessary to consult your relevant professional adviser regarding any specific matter referenced above. The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.
Posted byCloudCfo Inc
Now is the time to outsource your finance function! Outsourcing to CloudCfo gives your business access to tax compliance experts, financial advisers, experienced accountants,...
1 Jun 2021, 17:42
Most read this week