With the pandemic disrupting nearly every VSCPA member’s firm, organization or company, we wanted to know: What is the most pressing concern for you now? A May survey of the effects of the pandemic on VSCPA members reveal that ensuring the continued health and safety of employees is the most concerning issue.
When do members see a turnaround happening at work? Optimism is tempered. The largest number, 24 percent, believe the financial impact on their businesses will last seven to 12 months more. Twenty percent say four to six months and 18 percent say 13 to 24 months.
VSCPA members report the following information related to employees, finances and work/life balance.
To address the pandemic, 42 percent of respondents reduced staff at the physical office and 21 percent moved to an entirely remote workforce. Ten percent reduced staff, 9 percent furloughed some staff and 8 percent decreased compensation for salaried employees. Some firms decreased paid time off or reduced hiring.
Business closures have made 45 percent of members concerned about losing revenue, and one-third are reevaluating their budgets and business plans to ensure longevity. Responses vary based on the business sector of respondents. For example, public accounting CPAs are more concerned about helping clients meets government deadlines and nonprofit CPAs are worried about their budgets.
3. Work-life Balance
Nearly half of respondents struggle to maintain work-life balance, citing child care needs and adapting to remote work as struggles.
What Can the VSCPA Do for You?
Eighty-six percent of you said we have met or exceeded your expectations. While we have pivoted to virtual learning, offered free COVID-related webinars, ramped up communications including a new Coronavirus Resource Center and COVID weekly e-newsletter and more, we are exploring other offerings. Staff and leaders are consistently asking: What do you, our members, need now? Here are a few of the latest innovations:
- Every learning opportunity until the end of 2020 will now be offered online. We will offer seven signature conferences/events, 80+ virtual seminars and hundreds of webinars and on-demand options, with a 20 percent discount on virtual seminars and conferences after Sept. 1 (exclusions apply). Find events and register here.
- A new Facebook Live Town Hall series brings you conversations with need-to-know info from experts every other week. Find all replays in the videos section of the VSCPA Facebook page.
- All member roundtables, held quarterly, will be FREE for the remainder of the year. These include roundtables specifically for managing an accounting practice (MAP), corporate finance and senior staff members. View them all and register here.
Stay tuned for new offerings to help you manage work/life balance, get the information you need on state and federal developments and more! Ideas about what you would like to see? Email VSCPA Communications Director Jill Edmonds.