The recent coronavirus outbreak has changed the way we live and work in many ways.
It has caused severe disruption to business operations and the working environments almost everywhere around the world. Our response at Inside Out Finance has been to help high tech (and other) companies make the necessary adjustments to help keep their finance work flowing seamlessly.
To best serve the changing needs of both our clients and our own team, we have shifted our methodology and work processes to meet the “work from home” reality.
Furthermore, we have equipped all the Inside Out Finance team members with everything that may be required to set up a home office. Including office equipment, office supplies, high-end computers, printers and digital (and other) communication tools.
We are very pleased to report that we have managed to smoothly transition to this new reality. We have experienced no “downtime” and all ongoing work and tight deadlines have been carried out and met with no delay. A big challenge that was promptly and successfully undertaken – big thank you to all involved.
Here are some helpful tips to keep you on track in these trying times:
- Review and update your 2020-2021 revenue budget and plans.
- Based on your updated revenue plans, review and update your 2020-2021 workforce and recruitment strategy.
- Review and update all other expenses and make sure you keep only the most necessary ones.
- Consider payroll reduction and/or unpaid leave.
- Consider reducing (or completely stopping) business travel, travel allowance, food and other associated expenditure.
- Make sure that your ongoing suppliers are in a position to keep their obligations and meet your supply needs.
- Approach your landlord and try negotiating a rent reduction in good faith.
- Make sure your customers can pay debts.
- Review your actual spending and make sure that you can keep your business running with the new changes to the business plan.
- Check your eligibility to receive government grants, loans or any other fund options.
Have questions? Please feel free to contact us for advice…
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