KUALA LUMPUR, April 13 —\u00a0Businesses will need to review their business plans and reallocate their resources to optimise future returns after surviving the COVID-19\u00a0pandemic, said Baker Tilly Malaysia.<\/p>\n
Global Business Solutions director, Loke Chee Kian\u00a0said chief financial officers (CFOs), together with other C-Suite officers, should adopt transformative mindsets subsequent to the\u00a0pandemic.<\/p>\n
\u201cTo chart the business to the next level and to be ready for the new normal, new budgets need to be developed and set;\u00a0a remote key performance index monitoring and managing system should be established; risk management systems should be revised and\u00a0a business continuity plan should be developed,\u201d he said in a statement today.<\/p>\n
For all of the above to happen, Loke said, a business should first be armed with an efficient and effective information system, which is where digitalisation comes in.<\/p>\n<\/div>\n
\u201cSo, if your organisation is still managing information and data manually, it is time to consider a change,\u201d he said.<\/p>\n
Prior to the pandemic, the CFO\u2019s goal is generally focused around financial growth, which is measured by the return on investments (ROI) for every ringgit invested.<\/p>\n<\/div>\n
\u201cThe higher the ROI generated, the better for the business as it means\u00a0that the business is utilising its financial resources efficiently and effectively,\u201d he said.<\/p>\n
However, now the CFO is also tasked with answering the million-dollar question \u2013 how long will the business\u00a0be able to survive?<\/p>\n
\u201cFor a business to emerge from this crisis, the CFO plays a crucial role in ensuring the continuity and sustainability of the business,\u201d he said.<\/p>\n<\/div>\n
In the immediate term, Loke said, the CFO will have to review the business\u2019\u00a0cash flow position\u00a0as well as devise a survival action plan for the business for at least six months.<\/p>\n
A competent CFO should also be able to identify opportunities for the business amidst this crisis, he said.<\/p>\n
However, he noted that\u00a0the extent to which the CFO can contribute is dependent on the availability of an updated\u00a0set of accounts, an efficient accounting system as well as a supportive finance team.<\/p>\n
Baker Tilly is one of the largest accounting and business advisory firms in Malaysia, with 50 partners and directors, eight offices across Malaysia and an office in Phnom Penh, Cambodia, as well as\u00a0over 800 professional\u00a0staffs.<\/p>\n
-BERNAMA<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
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