How to manage finance operations during COVID-19

Managing the effect of COVID-19 on operations

Keeping critical finance operations running smoothly takes a lot of work under the best of circumstances. Managing operations effectively during the coronavirus (COVID-19) pandemic presents new challenges. I’m regularly hearing from businesses trying to figure out how to pay suppliers, collect and account for cash while working from home, and maintain ‘business as usual’ despite absent staff and shuttered service centres.

In my mind, overcoming these current operations challenges depends on three things: communication, security and documentation.

Tips for success

Clear, regular communication is vital for businesses to operate effectively. When the usual channels of communication – face-to-face discussions, team meetings, visits to client offices, etc. – are not an option, you have to use what’s available. Ensuring projects remain properly coordinated, work isn’t duplicated and everyone has what they need requires masterful communication.

Current circumstances demand more than the same old same old, just via different communication channels. Employees, partners, clients and other stakeholders are seeking answers to all sorts of new questions: What government support is available? How can it be accessed? Can previous travel arrangements be rebooked or cancelled? Which regulatory and reporting deadlines are still in effect? Will changes to other regulatory and reporting obligations affect the business?

Fortunately, there are tools that can help: email, WhatsApp, Skype, Zoom, Microsoft Teams and more. You may need to experiment and consult with parties involved to find the best tool for given circumstances. And you should always have backup communication systems available in case one channel fails. Ensure everyone knows how, when and how often to check in so they remain current on the latest developments. And keep in mind that if these methods are new to your people or clients, checking everyone is clear on maintaining data privacy, confidentiality and security becomes more important than ever.

Keeping finance operations secure in these exceptional times requires new considerations. In addition to cyber security you must also consider the basic security of data and documents as well.

This could mean:

  • Ensuring people working from home use encryption and secure channels when transferring sensitive files

  • Communicating in ways that comply with all your regulatory requirements 

  • Ensuring that only authorised users can access privileged systems, no matter where they’re working from

  • Keeping up with patches and other security updates

  • Having adequate protection against cyber attackers seeking to exploit the new threat landscape

You must also ensure paperwork and files are handled and stored securely. What safeguards do you have in place to make sure customer data is managed in ways that meet General Data Protection Regulation requirements? What other physical security considerations are needed to keep information safe when the entire workforce is operating remotely?

The businesses best prepared to keep operations running smoothly during disruptions are those with robust and well-documented continuity plans. If you haven’t updated your plans in a while, now is the time to do so. Ensure your organisation has clear procedures for continuing operations if key people become unavailable. Such documentation can be key if you need to bring in outside help that’s unfamiliar with your processes.

An effective plan means you can meet accounting and reporting deadlines, even if the usual staff members responsible for that work are unavailable. It provides clear direction on how to access remotely-based key decision makers for critical signatures and signoffs when they’re needed. And it allows your business to consider the longer term and not simply react in the short term.

Critical finance operations can keep running even in the face of extraordinary circumstances if you get communication, security and documentation right. That will leave your organisation in a better, stronger position once these current challenges are past. Business leaders will have a lot on their plate as they adapt to the changing circumstances. I hope this has helped , but please feel free to get in touch to learn more. 

Contact us

Nick Vermeulen

Nick Vermeulen

Territory Senior Partner, PwC Channel Islands

Tel: +44 7781 111526

Nick Silvester

Nick Silvester

Finance Director, PwC Channel Islands

Tel: +44 7700 838313

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