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2020 Has a Pattern & Your Year-end is at Risk of Following Trend

Business Leaders understand that times have been difficult for their team.

While there are some that have found greater productivity at home and are seeking new work flexibility there is a number who have unprecedented stresses. Quarantine, homeschooling & the economic conditions of Alberta weigh heavily on many. The fear and the health and safety concerns are also taking focus away. Struggling to decide what is best for ourselves, our families and our team have burdened each of us.

The remarkable challenges of these unprecedented times will continue as we lose our patio options, golf and warm activities. Those that love snow are a step ahead of the fair-weathered!

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Some Successes

Remote work has been more successful than many could have imagined.

• Productivity has been amazing, especially considering kids underfoot.
• Quarter-ends with boards, auditors and the team all collaborating.
• Pivots have been tried with some successful opportunities.

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What can we ask of each other now?

If we've been pushing forward have we used all the rope?

Every year as CPAs we run hard in the new year. It makes sense right?

You can't staff a team 365 days a year just to get through the harder periods. That would not be responsible or economic.

Even after you work on the people, process and technology of your finance & accounting department you'll still have peaks and valleys. The above illustrates a month-end that allows time for continuous improvement and vacation downtimes. It can feel like a treadmill, especially if you are a public company.

This year is different. 2020 hasn't been what anybody wanted or predicted. The disclosures are going to be an added stress. The fair values are going to be challenging. Unfortunately, going concern will be a longer discussion or another case of rolling up the sleeves.

At Amplify, we know you want to be a confident, trusted leader who gets the very best out of your team. To do that, you need extra CPA support so you can keep up with the complex demands of your leadership role. The problem is you don't have time to stop, hire, and train the right person for the job. As the leader, you feel pressured to hire a CPA correctly and quickly.

Finding the right permanent or temporary CPA to complement your team shouldn't be this difficult.

We know what it's like when you try to hire, but you waste time on candidates who aren't a fit. At Amplify, we help leaders quickly add to their teams by recruiting from our extensive and trusted network of proven CPA performers. As CPAs ourselves, we accurately match your job description to suitable candidates for temporary, flexible contracts or long term placements. Identifying CPAs who are a personality and company culture fit is our top priority. Once selected, we continue supporting you and the contractor with follow-up and collaboration for a seamless integration.

We are Finance Leaders too

If you are not sure that extra help is the answer, no worries. We are just a call away to discuss any challenges you face. And we love our CPA network and our Business Leader community so do not hesitate to get in touch. Our epic team includes 14 permanent employees and trusted contractors. We love helping and are always willing to be your sounding board. If our services can assist - that is great. And if they can't or you are not ready, that is okay too. It is in our values to connect.

Top Ten Tips for a 2020 Year-end

Here is a quick snippet of things we think you can start planning for now, in the fall.

1. Manage expectations - it is always subject to change in a COVID-19 world but set the stage. Is the team expected to come to the office? If so, how many days?
2. More on that - is the team expected to work overtime? Is it the same as previous years? From home or at the office?
3. Parenting - How will you support if a quarantine comes along for a parent? They will continue in the new year and with the shortage of substitutes, there could be increased pressure to send more kids home.
4. More on that - Many parents have reduced bus or after-care or support as a result of their health concerns, economic concerns or as a bonus of working from home. How will that change?
5. Have you started your bulleted draft financial statements yet? YOU SHOULD!
6. More on that - set roles and responsibilities and include your executive team and your auditors. There is no reason that full collaboration can't be proactive. >90% of the words, formating and decisions on financial reporting can start and end now. In many cases, you can start the new year with nothing but numbers left to go.
7. Let us REPEAT - Being proactive requires buy-in at all levels. Don't let the team waste time on draft financial statements if you have an audit partner or CFO that insists on keeping the red pen out until the end. Those power trips have to be dealt with before this approach can be successful.
8. Well deserved break - Many of you have had to actively manage team vacation already. Is there an opportunity to revisit and go above and beyond this holiday season?
9. Don't underestimate it - COVID-19 has been emotional stress and challenge for people. You might not see the challenges or even understand them but don't assume anyone is unaffected. You need grace as a business leader in these times. What you normally expect or see from your team might not be realistic this year. Be prepared to have more management and more support for your people.
10. We are here to help.

We just can't stop sharing this! 20 Minutes with Jamie & Jesse?

The chance to participate with Cyber.SC on Cyber Security Matters was awesome. If you can spare the 20 minutes listen as we chat on:

• COVID-19 as a CFO
• Client Experience
• Amplify
• Growth
• Small Business

Check it out and let us know what you think!

They’ve got a video version:

Watch Here

Or a podcast option:

Listen Here

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