COVID-19 has taught—and continues to teach—many different lessons around the world.

In particular, the accounting industry has received a masterclass in disaster preparedness, the importance of agility and the power of resilience.

Accounting firm owners have adapted to new ways of working, understood the meaning of a well thought out tech stack, and realized the imperative role they play in their clients’ lives, especially in crises.

What can you learn from the events of 2020?

How has the COVID-19 pandemic impacted your firm? With business shutdowns worldwide, many firms had to pivot overnight and adapt, whether they were ready or not.

There are many lessons to be learned and actions you can take to seize the opportunity the pandemic created. Here are the three key learnings.

1. Take care of your people

The firms that already had employees working remotely and using the right tools to communicate, collaborate and execute work gained a competitive advantage.

These employees were able to stay productive and focused during uncertain times because they were set up with the tools they needed to do their jobs well.

On top of that, the firms that transitioned quickly and supported their employees’s mental health and work-life balance also came out on top.

2. Take care of your clients

With many small businesses left alone and in need of immediate financial support, leading firms were able to step up and provide the support needed.

Whether it was helping clients lodge various government relief loans and grants, or simply