How are the finance functions affected due to Covid-19

Question

Accepted Answer

Covid-19 has significantly impacted finance functions.

Remote work has become the norm, leading to increased reliance on digital tools and technology.
Cash flow management has become more critical due to economic uncertainty.
Budgets and forecasts have become more challenging due to the unpredictable nature of the pandemic.
Supply chain disruptions have affected inventory management and procurement.
Financial reporting and auditing have become more complex due to changes in accounting standards and regulations.
Cost-cutting measures have become necessary for many companies to survive.
Investment decisions have become more cautious due to market volatility.
Government stimulus packages and relief measures have provided some relief to businesses.
Mergers and acquisitions have slowed down due to the uncertain economic environment.

Accepted Answer

Covid-19 has significantly impacted finance functions.

Remote work has become the norm, leading to increased reliance on digital tools and technology.
Cash flow management has become more critical due to economic uncertainty.
Budgets and forecasts have become more challenging due to the unpredictable nature of the pandemic.
Supply chain disruptions have affected inventory management and procurement.
Financial reporting and auditing have become more complex due to changes in accounting standards and regulations.
Cost-cutting measures have become necessary for many companies to survive.
Investment decisions have become more cautious due to market volatility.
Government stimulus packages and relief measures have provided some relief to businesses.
Mergers and acquisitions have slowed down due to the uncertain economic environment.

Accepted Answer

along with the significant impact of the COVID-19, is reducing the core banking profitability in mature markets. Financial institutions are thus shifting towards commission-based income from the likes of payments and tech businesses.

How are the finance functions affected due to Covid-19

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