2020-2021 marks the end of the status quo for many companies, especially for the micro-, small- and medium-sized enterprises. Despite the economic impact of COVID-19, CW has always relied on the strong relationship with our clients and become their key business advisors, helping them to remain resilient in business. In summary, we have observed the following trends during the past year:
After experiencing how flexible, successful, and convenient telecommuting is to the business, it is no wonder flexible working hours and remote work practices are highly favored in the New Normal. Indeed, adopting flexible work arrangements would cause a shift in administrative organization and extensive spending on technology and management. Remote work offers various benefits to both employers and employees. For instance, it could enhance workplace morale as staff could better control their work with reduced traffic necessity, and a better work/life balance could also boost the employee’s productivity.
Faster access to the Internet and advanced technology have revolutionized the accounting profession. Automation tools improve work efficiency by shortening the time needed in preparing and calculating budgets and taxes. This promotes the trend in accounting firms of taking in recruits from a ‘non-traditional’ practice background, meaning individuals must equip themselves with broader advisory skills and crisis-management techniques. It is crucial and highly valued for accounting advisors to recognize clients’ issues and bring feasible solutions. Team members’ all-rounded business ability routes an advanced company portfolio, thus, leads to a rewarding future for private firms.
Under the New Normal, businesses start to witness the significance of digital transformation. It enables firms to remain competitive and relevant to the world phenomenon. Walking away from long-standing practice challenges the status quo, but integrating digital technology into business areas also lay a robust foundation for later change-management initiatives. Digitization allows decision-makers to get ahead of mistakes without conducting extensive experimentation. It also encourages collaboration and enhances office performance. Work is no longer bounded by location and time, giving your business flexibility with international clients.
Give the above trends, how can CW innovate with limited resources in a way that will create services that are meaningful to our clients?
Laying out a strategy is essential. So is implementation. Sometimes, we have to think about first how to implement the steps to achieve our clients’ goals. For example, it is useless for our consultants to pitch the advantages of setting up a China company without giving them practical solutions to successfully opening the bank account. Faced with travel restrictions, foreign nationals who wish to act as the Legal Representative of their China subsidiary may find it impossible to complete the company set-up project and start doing business quickly.
To realize our clients’ ambitions, our China-business experts shall understand the situation and set up the most appropriate entry model in China under current constraints. We offer all-rounded support to your business by incorporating local laws and compliance rules to ensure success. Besides, our tax, accountancy and legal professionals have a strong passion and sense of practicality in dealing with China issues. We are familiar with all the required business actions when cruising the Mainland China market. With our compelling consultancy and implementation support, your business shall stay ahead of the competition and take the market lead in this turbulent time.
Expanding into the Hong Kong and Mainland China market has been a business milestone for many. With on-going travel restrictions in many countries, the time and effort spent dealing with finance, human resources, and recruiting needs translate into more costs. Our experienced, virtual CXOs are here to support your business growth and to cope with the inevitable New Normal.
Apart from our typical accounting and consultancy services, our team of business professionals is sophisticated with various industries’ knowledge. We not only recognise your field and needs but also tailor-made a business strategy for you. Without the burden of hiring and managing an in-house accounting department, the firm could focus on its clients whilst our team offers comprehensive support to take the weight off your shoulders and achieve your business enthusiasm in Hong Kong and Mainland China!
Gone are the days when you have to painfully collect business records, invoices, contracts, bank statements and send them to your external accountants. Cloud accounting is here to answer all your needs. Cloud accounting software like Xero boosts work efficiency by streamlining the bookkeeping process and providing a real-time overview and data analysis. As all data files are kept online securely, it allows access and collaboration between advisors and clients at all places and at any time. The automation tool also gives fast and accurate access to detail financial breakdowns, management information and different metrics. Digitalizing business processes also facilitate cross-department collaboration, improve productivity, and generate more profit. Cloud accounting powers organizations to optimize work processes and power employees by freeing their time from manual work and channeling more effort into the business.
With no foreseeable end to the pandemic, the key step for organizations is to start investing in virtual services. Digital solutions and connectivity have helped us navigate through the storm and play a vital role in dealing with the pandemic. The New Normal is here, and the time to go digital is now.
Written by Delilah Li and Claudia Tam, CW CPA