Reducing the Impact of the Pandemic

Tue | 05.05.2020

Finance

Regardless of the market any company is operating on or the size of the business, we all have a common goal: to reduce the impact of this pandemic on operations, employees, customers, and the general public. Mazars developed solutions to guide the companies through every step of this new and challenging journey. Together, our communities will become stronger and they will be prepared for endless waves of transformations.

 

1.      Mazars’ task force for the companies

The development of an integrated COVID-19 approach should be at the top of every company’s strategic plan. To support and successfully guide businesses in need, Mazars has created a multi-disciplinary task force with members from different lines of service and industry specialists:

·        Audit & Assurance - Statutory and/or IFRS financial reporting, including the analyze of adjusting/ non-adjusting subsequent events

·        Tax Advisory - Tax audits preparation, that may start after the state of emergency stops

·        Financial Advisory - Business continuity and cybersecurity resilience

·        Outsourcing - Accounting & Reporting - Remote accounting and tax compliance activities

·        Outsourcing - HR & Payroll Services - Labour legislation advisory & teleworking adjustments

·        HR Advisory - Practical advisory on how to manage your employees and their morale, to ensure the same productivity level during a crisis

As the months are passing by, the world is still facing the significant effects of COVID-19 on both personal and business life. We have seen some remarkable pattern changes in the business communities lately, from huge increases in demand in some industries to total loss of demand in others.

 

2.      The COVID-19 Global Tax and Law Tracker

Businesses around the world need to understand the changing COVID-19 legislation and tax measures that apply to their business operations, while simultaneously develop strategies to protect their employees and develop their business continuity strategy.

Mazars’ global tax and legal experts from more than 70 countries have created the interactive COVID-19 Tax and Law Tracker to help everyone access and understand the COVID-19 legislation and tax measures that have an impact on them and their businesses, wherever in the world they operate.

This interactive tool enables you to select the countries, legislation, and tax measures you need to know about, giving you immediate access to the information that is relevant for you.

 

3.      HR Advisory in times of crisis

Romania remained in the last years an emerging market that attracts investors from around the world. Any start-up comes very fast to its development stage when they deliver the profit but they still face challenges related to the people hiring, engaging, rewarding, cultural differences, and so many others.

It is clear for all that this crisis tests people and companies. It tests the existing or missing resources. In companies without HR, the whole people management responsibility stays on the shoulders of the local CEO/ GM, without really knowing what should be put in place or what should be communicated to the employees at what moment. In the companies with HR, it is still ambiguous how to manage the crisis for their employees: what exactly are the steps, what is too much or too little.

Mazars can implement a fast track design of three critical policies to ensure the right employee management:

·        Assess the compliance level of your COVID-19 management practice

·        Design & implement critical policies

·        Three days of implementation

A solution can be contracting an HR Interim for a certain period to help companies settling down all the relevant practices related to the Romanian market. This works very well in all the development phases of a company: start-up, development, maturity with/out in-house HR representatives.

2021

2020