Accounting is a rather complex aspect of a business. According to Fit Small Business, nearly 80% of CPA firms offer COVID-19-related services to help their clients. Many accounting changes have occurred due to the pandemic. Here are some of the ways accounting has changed.

Flexible Deadlines

One way accounting has changed is by having more flexible deadlines. Many accountants are lenient with deadlines with businesses struggling to stay afloat. Extended deadlines mean that clients have more time to file their taxes or submit other important financial documents. However, before asking for extended deadlines, ensure that you also inform the IRS of your hardship so that you don't incur any penalties. While you might still pay your taxes later on, at least you won't have to worry about any penalties or interest.

Fluctuating Payroll

As a business owner, your payroll taxes may have fluctuated. Employment needs across the country had skyrocketed, leaving many businesses understaffed. Of course, that will affect your balance sheet. Your bottom line may not be what it was due to not having enough help. Conversely, now that employment is starting to reach closer to normal levels, your payroll taxes will adjust accordingly. Relying on accounting experts to help navigate these changes will make it easier for you and your business.

New Payment Options

Another change is new payment options. With many people out of work or struggling to make ends meet, traditional payment methods may not be possible. Some accountants started offering payment plans or are accepting alternative forms of payment, such as cryptocurrency. Other accountants understand that not everyone has the same financial resources and may offer pro bono services. If you need help with accounting services, reach out to your accountant to see the available options.

More Online Resources

You may see more online resources from accounting firms. Online resources for taxpayers could include anything from video tutorials to blog posts. More people working remotely may need more help than ever to stay on top of their finances.



These are just some of the many accounting changes that have taken place in light of COVID-19. If you have any questions about how your business can adapt, reach out to Vaske Ohlgren Rasmussen & Associates. We would be happy to help!