Paycheck Protection Program UPDATE JULY 7
On June 26, 2020, the U.S. Small Business Administration (“SBA”) published guidance on the determination of the maximum loan amount by entity ...
If you’re like the employees of Schneider Downs, you haven’t seen the inside of your office since mid-March. The first few weeks of work from home were filled with uncertainty, not knowing how long the quarantine would last and if you could continue performing your business processes effectively with a remote workforce. As time went on and the business adapted and settled into new routines, your processes and controls had to be adapted to address the challenges of working remotely.
For example, let’s look at a standard invoice approval process that was in place at many organizations (pre COVID-19, of course). Accounts Payable received an invoice to be paid, which was forwarded to another individual within the organization for approval. That individual reviewed and physically signed the invoice to evidence their approval, and sent it back to Accounts Payable to be processed. But wait…how do you get a physical signature on a physical document while working remotely? The simple answer is that you don’t. The process would need to be revised and adapted to the new situation. Approvals would have to be obtained electronically, which also happens to save a lot of time in the process.
While the solution here may have seemed obvious, there were numerous processes that had to be changed to adjust to the “new normal.” Do you think you will continue with the new processes once you return to the office? Or will you revert back to the old way? In Western Pennsylvania, as in many regions of the U.S., as we begin to return to our offices, it’s a great time to reflect on the lessons learned and efficiencies gained while working remotely. You can start by asking the following questions about your modified process:
It is important to evaluate and assess your business processes to determine if the changes made to accommodate the remote work environment have adequate controls in place to mitigate the risks and whether they are more efficient and should be permanently adopted upon your return to the office. If you’d like assistance evaluating your processes or controls, Schneider Downs Risk Advisory Services group can help. Contact us at contactSD@schneiderdowns.com.
Schneider Downs Announces COVID-19 Survey Results Companies impacted by the COVID-19 pandemic expressed concerns about the global impact of reduced consumer ...
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