Weather the Storm During a Recession


While it may be impossible to recession-proof your clients' businesses, BDO Consulting, which provides restructuring and risk advisory services as a business line of BDO Seidman LLP, provides these tips in the event of an economic downturn:

n Take fast and decisive action—quickly determine core administrative and operational needs and reduce excess costs.

n Develop a comprehensive approach—including a cost-reduction program, plans to improve inventory controls and enhanced purchasing procedures.

n Manage costs with targeted and timely reporting—react to falling gross margins and unexpected market changes by automating daily data collection and reporting.

n Conduct an internal assessment for possible restructuring—if needed, build a work plan, establish accountabilities and set an implementation timeline.

n Manage operating results proactively—closely monitor operating costs and renegotiate contracts.

For more details and tips on surviving a recession, visit www.bdo.com/services/consulting.

Source: BDO Seidman LLP, www.bdo.com/news/pr/722 .

<% server.execute /pubs/jofa/includes/footer.htm %>

SPONSORED REPORT

2019 State of Financial Reporting Survey

We surveyed nearly 600 finance and accounting professionals on their month-end close and reporting processes. See the results.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.