Cloud-based practice workpapers provider, MyWorkpapers, has said accountancy firms must increase their resilience urgently as the Government warns that up to one in five workers could be absent at the same time under a ‘stretching’ coronavirus scenario.
Rich Neal, CEO at MyWorkpapers, said: “Losing a fifth of the workforce would have a huge impact on the economy as a whole and especially on accountancy practices’ SME clients, who are likely to require extensive support in managing cashflow.
“However, accountancy practices won’t be immune to this threat and so it is critical for their own financial security and that of their clients that they take steps to ensure their resilience in the event of a widespread coronavirus outbreak or other disruption, such as fires or floods.”
One of the core elements of the Government’s newly published Coronavirus Action Plan is encouraging people to work from home where possible to reduce contact and slow the spread of the virus.
“This means accountancy practices need to have the infrastructure in place to be able to cope with large numbers of staff members being sick, self-isolating or working from home.
“While the benefit of MyWorkpapers predominantly lies in streamlining practices, it also offers crucial benefits in terms of practice resilience.
“First, it enables remote working and therefore allows staff working at home to access all the information they need to continue their work off-site.
“Second, it enables other members of staff to take on the work of those who are sick immediately, without needing to have physical contact in order to obtain documents.
“Third, storing information securely off-site means that in the event of floods or fires, the business does not lose vital information.”
The benefits of MyWorkpapers for practice resilience were demonstrated clearly for Hereford and Ludlow-based Thorne Widgery, following the recent flooding around Hereford.
Daniel Crowther, CEO of Thorne Widgery, said: “Our adoption of MyWorkpapers has helped us to stand out from our rivals in Herefordshire, Shropshire and beyond – enabling us to attract new and exciting businesses to our client base.
“However, it was the recent flooding that struck our rural surrounds that has highlighted one of the less obvious benefits of this fantastic cloud software.
“Although many of our team were cut off due to the rising water, our office managed to remain open for one key reason – we could work remotely.
“Wind back the clock several years and it is doubtful that we could have continued to deliver the same level of service without our team being physically present within our office, which just goes to demonstrate the additional sense of security this software offers.”
Rich Neal added: “Resilience demands adaptability and that is what MyWorkpapers offers accountancy firms.”