The Association of Chartered Certified Accountants (ACCA), has launched a report to outline measures that companies can adopt to recover from the impact of the Coronavirus pandemic on their businesses.
Titled ‘Road to Recovery Report’, the accounting professionals and over the 1,000 participants across markets who gathered for the virtual webinar charted paths on how to assist companies to increase their chances of survival and return on the path of steady growth.
Themed: “COVID-19: The Road to Recovery”, the Report touches on the role of digital, the technological aspect of doing business, how accounting firms will play a key role, government interventions and the future of work and employability.
Author of the report and Global Head of Business, ACCA, Mr. Jamie Lyon, who presented the publication, explained how organisations globally are responding to the COVID-19 crisis, and what ACCA’s recommendations are for charting a path to recovery.
The report maintained that the long-term financial impact of COVID-19 seemed to be growing increasingly clear, as leading indicators suggest that the global economy is entering a deep recession yet remained impossible to understand the true long-term consequences.
“The roadmap suggests several practical steps in three phases that organisations can take as they chart a path to recovery and build resilience for the future. The roadmap emphasizes on 3As – Act, Analyse, and Anticipate”, said Mr. Jamie Lyon.
He explained that: “The Act focuses on the short term horizon, and the initial response to the crisis. This stage is critical to ensure the current situation is managed properly, continuity plans are brought into place and the wellbeing of employees is protected.”
On Analyse, he explained that the shift to the medium-term horizon reflects the focus on starting to build the path to recovery. At this stage, Mr. Jamie Lyon maintains in the report that the organisation starts to resume its business operations, planned in manageable phases.
In the Anticipate phase, the report suggests the longer-term horizon is focused on innovation and understanding how organisations must evolve in the face of the pandemic. Here, the business model and strategies may evolve.
In his remark, ACCA Director of Africa, Mr Jamil Ampomah said the Road to Recovery Report outlines three stages in a framework, which provides a recovery roadmap to explore the priority for recovery with focus on hard-hit industries.