Pandemic brings some good news for accountants
The pandemic has been awful, but The Imprudent Accountant reminds us that it hasn't all been bad news for accountants.
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' 10 I don’t want to sound too cynical, but the nature of both audit and taxation practices tends to be cyclical. Therefore, when a government comes along and offers a furlough scheme that allows employers to lay off staff during the quiet months at little or no cost, that has to be good for profitability.'
Disagree
Abuse of the system
Activity not reduced due to covid
1. This is not intended as a political statement, but the article appears to be from a very middle-class (and somewhat smug) perspective. For instance, the majority of people (even if WFH) have not "had a far greater opportunity to enjoy quality time with our families" - as their overcrowded flats with no gardens weren't designed to also accommodate 1 or 2 people working throughout the day (let alone children home all day).
2. "when a government comes along and offers a furlough scheme that allows employers to lay off staff during the quiet months at little or no cost" ... aside of the dubious morality in that phrase, in what way does the author believe that any furlough scheme facilitated the "little or no cost" part of the sentence? Or is he completely non au fait with the terms that prevented exactly that?
3. "I would be willing to bet a significant sum that the majority of accountants will have seen a significant reduction in their entertainment budgets both for staff and existing or prospective clients." Well let's see the colour of your money.
Without carrying out a statistical survey (just like the author hasn't), I'd say that the majority of our clients who have offices ... have increased this type of expenditure (whether via deliveries during Zoom meetings, or get-togethers between lockdowns) precisely because staff need to feel part of a team (and supported and cared for etc).
I suspect that the author is writing in a deliberately controversial style ... but if not there may be shocks in store at her/his partnership when life returns to any semblance of normalcy.