Accounting and finance are important business departments, contributing to the overall health and growth of the organization. In difficult and uncertain circumstances, all stakeholders in the organization look to the Office of Finance for insights and reporting to successfully navigate unchartered waters and lead the organization into the future.
The global impact of COVID-19 on business and the economy elevated the role accountants play in their organization. Where they may have been underappreciated before – now they are in the spotlight. In fact, one report found that 80% of the polled finance professionals confirmed they were heavily involved in the company’s internal and external responses to the pandemic. Accountants faced intense pressure to provide accurate, business-critical insights for organizational leadership to base decisions on, in addition to the regular financial reporting.
This is especially true for accountants in the retail and e-commerce industries. These industries faced dramatic changes and fluctuations on the consumer-facing side and had to find ways to cope with their pre-existing, cumbersome financial processes internally.
This eBook discusses the:
- Financial tools accountants used pre-COVID
- Effects of COVID-19 on retail and e-commerce organizations
- Changes that COVID triggered for internal accounting teams
- Future for the Office of Finance in retail and e-commerce