Storms and Natural Disasters Create Millions in Recovery for Accounting Organizations
ATLANTA – (September 20, 2018) – As tropical storms and destructive forest fires attack the United States, companies and government organizations are in a rush to allocate dollars for the recovery of infrastructure. Meanwhile, strategic accounting teams prepare ahead of critical events by creating long-range asset plans, which include the repair and replacement of damaged infrastructure. The reason for the rush? This year is on track to have greater natural disaster recovery costs than last year.
In 2017, the United States had a record-breaking year in damage caused by natural disasters, with the cumulative amount of damage totaling $306.2 billion, according to the National Oceanic and Atmospheric Administration. “As natural disasters and extraordinary events have become more common, organizations have realized the need to prepare financially to ensure the successful management of any resulting damage,” said Brent Burns, Chief Operating Officer of PowerPlan. “Pro-active organizations aren’t just preparing for the operational impact of replacing or repairing their assets, but are also financially preparing for natural disasters as well by having systems in place to help them forecast the impacts and quickly update the results after a large event.”
To help organizations prepare, there is a new guide titled “Storm Recovery and Extraordinary Events: Is Your Accounting Team Prepared?” The document, which provides best practices for accounting teams aiming to take a proactive financial stance on disaster recovery, can be downloaded for free here. Help get your accounting team ready for the next storm.