0May 6, 2020May 6, 2020
In News

6 ways CPAs are making a difference right now

Shutterstock_664170823Healthcare and frontline workers have the daunting task of keeping communities safe, clean and fed. We salute them. Accountants and finance professionals have the responsibility to lead businesses through the economic recovery.

You’re needed now more than ever. Here are six ways you’re making a difference.

1. You help small businesses stay afloat and preserve jobs.

Small businesses are dealing with a multitude of COVID-related problems and are relying on your expert advice, including understanding the details and application process for the Paycheck Protection Program. In this podcast, experts untangle key parts of the application, and the Town Hall Series: CARES Act and Paycheck Protection Program offers up-to-the-minute news on PPP and the CARES Act.

With things changing quickly day-to-day, it can be hard to keep up. The AICPA Coronavirus Resource Center can help by delivering the latest news, tools and resources.

2. You assist community members most in need of financial assistance.

The U.S. government issued stimulus checks to eligible Americans, but certain individuals who didn’t file a 2018 or 2019 tax return will need to fill out an online form. CPAs are helping their communities by sharing the information with individuals and non-profits that interact with people of low socioeconomic status. Here are instructions to help non-filers.

3. You help people navigate the financial impacts of this crisis.

If you’re a CPA financial planner, you’ve likely spoken to a few panicked clients recently and have been the calm, reasonable voice of reassurance.

No one can predict the rise and the fall of the market, but there are smart money strategies that serve as the foundation for a long-term plan. Hear from top experts on topics — Roth conversion or rebalancing and refinancing and more — in these personal financial planning podcast episodes. Additionally, the coronavirus personal financial planning resources will inform you, allowing you to communicate with your clients and reinforce your role as a trusted adviser during this time of uncertainty.

4. You will lead the recovery efforts for your organization.

Organizations look to the finance function to provide strategic guidance that will lead them successfully out of this crisis. If you’re a CPA or CGMA designation holder working within a business, you’re likely managing liquidity stress, mitigating supply chain risks and rethinking your organization’s business model to identify alternative revenue opportunities. You’re probably also implementing contingency plans to help your company operate in the new normal.

COVID-19 Management Accounting resource page provides links to relevant FM Magazine articles, podcasts and upcoming events, and offers tools and resources to guide you:

5. You warn clients about fraud and cybersecurity issues.

Fraudsters are taking advantage of the current environment and launching elaborate schemes to deceive innocent people out of much-needed funds. Scams include planting Malware, Ransomware attacks, government employee impersonation and fake websites to solicit charitable donations.

CPAs who earned the Certified in Financial Forensics credential or Certified in Information Technology credential are especially sought out for expertise in preventing, detecting and investigating COVID-19 schemes.

You help clients by paying attention to the constantly changing landscape, sifting through volumes of information and using insight and knowledge to give them solutions to avoid fraud and cybersecurity issues.

6. You help clients measure the financial impact of COVID-19 on their businesses.

As the response to the global pandemic evolves, Certified in Financial Forensics and Accredited in Business Valuation credential holders will be the key to recovery. Clients and employers will need assistance with business interruption and economic damage claims, valuation assessments and possibly, bankruptcy.

We appreciate what you’re doing for economic recovery. With things changing quickly day-to-day, we know it can be hard to keep up. The AICPA Coronavirus Resource Center delivers the latest news, tools and resources.

CPAs and CGMAs are a powerful force for good. Your financial expertise and skills are exactly what businesses — and our global economy — need to recover. Thank you again for everything you do.

Association Staff



Source: AICPA