EMERGE STRONGER.

Roadmap to Recovery

A guide to help organizations navigate uncertain economic times and emerge stronger.

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In these uncertain times, forward-looking companies are looking to not only weather the economic storm, but also prepare their business to emerge stronger. By improving business resiliency and seizing opportunities to significantly transform operations, they will have a competitive advantage as they quickly evolve their focus from perseverance to growth and scale.

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There is no denying that privacy and data protection continue to go mainstream. International and domestic privacy laws are continuing to pop up, and a global pandemic has meant that countries and private corporations alike are collecting more sensitive data than ever before.

Imagine trying to catch deer using a mouse trap; the chances of that working out in one’s favor are slim. Whether it’s Anti-Money Laundering (AML) Compliance or Marketing Acquisition models, the same holds true for model tuning methodology.

In this video, Partner Roderick Carmody and Director Niraj Chatwal discuss the drivers behind the recent surge in companies looking to adopt Robotic Process Automation (RPA).

In this video, Partner Roderick Carmody and Director Cameron Over take a look at how organizations can leverage this time to improve their cyber practices.

In this video, Partners Roderick Carmody and John Hoebler discuss how companies are leveraging this time to implement new systems and upgrade their existing systems to help their organizations add significant long-term value.

In this video, Partners Roderick Carmody and Kati Penney discuss how the remote environment is creating changes to financial reporting.

One of the consequences of the COVID-19 pandemic outbreak is a considerable change in consumer habits. As a result, companies may experience a sizable decrease or increase in demand.

In this video, Partners Roderick Carmody and Bruce Klein take a look at whether the Paycheck Protection Program (PPP) was a success or a failure.

Data continues to drive innovation and change across enterprises, and Internal Audit functions are no exception.

In this video, Partner Roderick Carmody and Director Jen Iwanicki take a look at orchestrating a close with a remote work force.

When an organization enters into a line of credit or business loan, it is common for the debt agreement to include financial covenants.

Divestment strategies are integral as companies seek a tactical shift in their business, a change in their margin profile, or a deleveraging of their balance sheet after a time of crisis.

Achieving or optimizing flexibility and efficiency while delivering timely, quality work is a familiar aspiration that has never been more crucial than in our current environment.

The Paycheck Protection Program (PPP) has gone from a trickle to a flood of applications as the lenders’ transmission websites have gotten up and running.

Given the importance of data for financial reporting, performance metrics, and increased insights, it should be viewed as a key strategic asset worthy of continued investment.

One of the biggest challenges facing companies today is the ability to maintain and service customers in an environment where nothing is familiar or certain.

Whether it’s to gain a competitive advantage or to simply keep up with their peers, executives are beginning to look ahead at what’s next. Perhaps counterintuitively, organizations can unlock some of their greatest cost savings by spending a small amount of money upfront with very deliberate objectives.

After receiving over 2000 letters related to the Main Street Lending Program, the Federal Reserve and Department of Treasury announced significant improvements to the program.

What an extraordinary time to be recognizing Internal Audit Awareness Month. Changes have been rapidly taking place, yet one thing has remained unchanged: Internal Audit’s mission to protect and enhance organizational value, which is even more crucial than ever in today’s environment.

The past months have proven that this is an unprecedented time for the way we conduct business in a global economy. As economic conditions remain uncertain, companies are looking for strategies to reduce operational costs without sacrificing service to the business and its customers.

In times of economic uncertainty (such as the one created by COVID-19), one of your organization’s most important considerations is undoubtedly cash and, by extension, accounts receivable.

As lenders got their transmission websites up and running, the Paycheck Protection Program (PPP) went from a trickle to a flood of applications. While initial funding was fully committed, new appropriation has passed Congress to re-open the program

During periods of uncertainty, executive leadership should exercise caution when considering investments and overall financial health. This is why now, more than ever, organizations have become focused on smarter spending and improving the balance sheet.

One of the challenges facing organizations during this pandemic is the completion of standard close procedures and audit preparation with a fragmented team.

A pandemic is not only a health crisis, but also brings with it an enormous economic disruption that society must manage through. Apart from healthcare, central banks and the government play a major role

When faced with economic disruption, organizations may look to business functions that are usually considered cost centers, including cybersecurity, as an opportunity for cost reduction.

As lenders are continuing to deal with the high volume of loans under the Small Business Association’s (SBA) Paycheck Protection Program (PPP), they must also now look at how to plan for the upcoming rollout of the Department of Treasury and Federal Reserve’s Main Street Lending Program.

When emerging from a financial crisis, executives must consider the ability of a scaled-back organization to execute strategic growth.

How is it possible to estimate expected credit losses over the contractual life of financial assets in an environment that drastically changes day-by-day? In the three months since CECL became effective, the economic outlook has rapidly deteriorated as a result of the fallout from COVID-19.

On April 10, 2020, the Financial Accounting Standards Board (FASB) released a Staff Q&A to provide guidance surrounding the accounting for lease concessions granted by landlords as a result of the COVID-19 pandemic.

COVID-19 is creating a dramatic impact on the United States healthcare system and likely will continue to do so for a significant part of the year. Its spread has created unique challenges for Workday Supply Chain Management customers.

“Did you hear that the government is giving out free loans that don’t need to be repaid? Sign me up – twice.”

The CARES Act has been top of mind for many small business owners over the past several weeks. Now that it has been finalized and the Paycheck Protection Program (PPP) has been rolled out, many small business owners are finding their way through the process.

In its April 8, 2020 meeting, the FASB revealed its plans to help relieve some concerns of companies contending with the effects of the global COVID-19 pandemic.

COVID-19 is creating a dramatic impact on the global economy, and likely will continue to do so for a significant part of the year. We know that these are uncertain times for businesses and their employees, and CrossCountry has been closely monitoring the developments.

Financial institutions were labeled as the cause of the 2008 financial crisis but are now being relied upon to provide credit to businesses in the current economic environment. How did this drastic change of fortune occur?

Now, more than ever, teams are being asked to do more with less: fewer resources and the additional complexity of distributed, remote resources. However, the critical need for a strong and resilient data quality foundation has not changed.

COVID-19 is creating a dramatic impact on the global economy, and likely will continue to do so for a significant part of the year. We know that these are uncertain times for businesses and their employees, and CrossCountry has been closely monitoring the developments.

The Federal Government continues to refine this program to ensure funds find their way to small businesses to cover payroll costs over the next two months.

The SBA recently issued an interim final rule that was aimed at helping lenders get on board with the Paycheck Protection Program. It doubled the interest rate that lenders can charge for these loans from .5% to 1% and provided clarity around underwriting expectations.

The COVID-19 pandemic has required business leaders across every industry to rapidly shift their attention to countless new and pressing priorities: ensuring employees and family members are safe and healthy, adjusting business to daily changes in market conditions, and in many cases, moving quickly to a remote employee model.

Most people know the basics by now but here is a recap. Under Title I of the CARES Act, small businesses can get a loan from an SBA lender in the amount of 2.5 times their monthly payroll, up to $10MM, and the loan will be forgiven as long as it is used to pay employees or…
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The coronavirus (COVID-19) pandemic has quickly swept the globe, overwhelming healthcare systems, disrupting financial markets, stressing businesses and shocking humanity. Economists are predicting a severe recession – or worse – as a result of its short- and long-term financial effects.

COVID-19 is creating a dramatic impact on the global economy, and likely will continue to do so for a significant part of the year. This pandemic creates previously unseen challenges to portfolio companies, as well as associated risks and opportunities.

Overview With the unprecedented measures taken by a majority of the countries around the world in response to the coronavirus (COVID-19), global economic downturn is likely imminent. This developing situation is expected to impact companies across all industries.

SEC Relief Order In response to the ongoing COVID-19 outbreak, the SEC has provided public companies an option to apply for a 45-day extension for any filings due from March 1, 2020 through April 30, 2020. While this relief may not apply to most accelerated filers, the SEC has left open the possibility of an extension.

The impacts of COVID-19 are just beginning to surface, posing new challenges to industries and businesses to stay operational and forcing them to rapidly adjust to a remote workforce. The potential economic impact is unknown, and we are entering a period of greater ambiguity when it comes to managing performance.

SEC Relief Order Extension In response to the ongoing COVID-19 outbreak, the SEC has extended its order to provide public companies an option to apply for a 45-day extension for any filings due from March 1, 2020 through July 1, 2020.

As evidenced in the last few weeks and months, the world is ill prepared to detect and stop pandemic outbreaks. The impact of COVID-19 has caused unimaginable tragedy, forced inconceivable losses to world economies and posed new challenges to industries and businesses to stay operational.

As the COVID-19 pandemic has forced a connected, mobile society indoors for the foreseeable future, organizations have begun to adjust to a new “business as usual” remote delivery.

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