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The Three R’s for Beating the Corona Crisis

And 15 things every accountant should consider in these unprecedented times.

By Bill Penczak

My friend Tom Kallman, the president of a trade show company in New Jersey, sent me an email a few weeks ago that I’ll paraphrase:

Few, if any, of us lived through Pearl Harbor. Some of us experienced the Kennedy assassination. We all recall where we were when the planes struck the World Trade Center. The COVID crisis is another lifetime moment. We learned how to survive all those other events, and we’ll do the same again.

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If you examine the economic recoveries after 911, and after the financial collapse in 2007-2008, there were three economic phases that ensued for CPA firms, their clients, and the market in general that will likely occur in the post-COVID economy:

  • Retention – Preserving as much of what we had.
  • Recovery – Stabilizing and moving ahead, as slight as it might be.
  • Rebuild – Coming out better and stronger.