Beat the Covid Crisis with These 20 Steps for Your Firm and Your Clients

The ultimate checklist for focusing on cash, communication, continuity – and accepting uncertainty.

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By CPA Trendlines Research

The toll of Covid-19 on business will be an ongoing trauma. It ain’t gonna be over ’til it’s over, and that ain’t gonna be for a long, long time.

MORE on COVID CRISIS MANAGEMENT: How to Inoculate Your Firm against Covid Competition | Pro Tax Prep Stalls to a Crawl amid Covid-Extended Season | Covid Kills 67,600 Jobs in Tax and Accounting | Client Accounting Services Poised to Surge in Post-Corona World | Clients, Revenues, Profits – Trending Down, Down, Down | Andrew Argue Is on a Mission | 3 Questions for Determining Your Value | Covid Crushes Rosey Forecasts | The Seven Factors Keeping Accounting Firms Afloat Amid Covid-19 | Feeling the Pain? The Biggest Job Losses by Client Sector |

See: All CPA Trendlines Special Coronavirus Crisis Coverage

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To survive, tax and accounting practices are going to need to take precautionary and proactive measures to ensure their financial continuity. Those measures must necessarily include guidance for clients to help them survive. Because failing clients mean failing firms.

Crisis management is a lot easier if it starts before the crisis hits. Here are some steps that accountants can take for themselves and their clients, gleaned from the thousands of accountants and advisors we’ve been hearing from over the past several weeks.