Analysis of Finance and Accounting Measures to Mitigate the Impact of COVID-19 Pandemic among Businesses in Rwanda during and in a Post COVID Environment
Introduction: COVID-19 pandemic has not affected the health system of the country; it
has had a very big impact on the business operations. COVID-19 measures such as social distancing and
lockdowns have had a huge impact on the business operation across the world.
Many businesses have closed their doors and others are on the brink of closing. This study analyzes the finance and
accounting to adopt to mitigate the impact of COVID-19 pandemic on the business. Material and Methods: The study adopted a quantitative approach. The study population comprised of professional 256
accountants working in different sectors. Data was collected from primary
sources using a questionnaire that was emailed to respondents. Descriptive and
inferential statistics were used to analyze the data. Results: The
findings indicated various accounting and
finance measures such as frequent assessment of the going concern and fair values of the assets, frequent preparation of financial
reports, adopting a zero based budgeting and activity based costing, proper
management of cash flows, re-visiting the capital investment plan, risk
management and the management of the cash conversion cycle should be practiced
by accountants and financial managers. The results further revealed a
relationship between finance and accounting measures and business survival
during and in the post COVID-19 pandemic environments. Originality: The
study contributed to the existing literatures by indicating the accounting and
financial measures that should be practiced by accountants and financial
managers to mitigate the impact of COVID-19 pandemic during and in the post
COVID environment.
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