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

Abstract

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 other s are on the brink of closing. This study analy z es 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 vari ous 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.