Small businesses are now navigating through uncharted territory with the onset of COVID-19. As health and government officials work together to help small business owners stay safe and remain afloat during these turbulent times, there are some measures being put into place that can help. Impeccable small business accounting is vital in order to keep track of such things as losses and other negative impacts the business is suffering. Not keeping up with small business bookkeeping can cause your business to miss out on.
Great Guidelines to Go By
One of the most imperative measures you, the business owner, will be responsible for during this time is keeping your workplace as safe as possible. You’ll need to clean, or have it cleaned, with top-quality products. You’ll also need to implement a safe distance between employees or employees and customers of six feet or more. Here is a checklist of responsibilities you now have:
• Keep employees separated, especially those who are high risk.
• Encourage or insist sick employees stay at home.
• Routinely perform office and shop cleaning.
• Insist on hand hygiene and respiratory etiquette at all times.
• Have steps in place for employees who travel.
• Frequently check the CDC website for updates and changes.
• Have measures in place for employees who have sick family members.
In addition to the guidelines above, you’ll need to update your own policies.
There are some new areas that you will be most likely concerned with since the Corona Virus pandemic is in full-swing. Here are some of the things to be aware of:
Your amount of money available may change slightly, or drastically, during this time. You may find it difficult to tend to payroll, maintain your inventory, and deal with market fluctuations. By being prepared and knowing how you will possibly be impacted, you stand a better chance to survive this time. A certified public accountant can be a godsend because they are professional and know how to handle even the most difficult situations. A CPA can also help you to free up assets so they can be used now, when they are needed the most.
You will need to make sure your employees are safe if they work in the office or shop and also be prepared for the possibility of a work from home order. In the event that is not possibly, a certified public accountant can help you be sure you are set up for unemployment and other measures.
It is highly possible that you may run out of supplies during the pandemic. If so, your business will suffer. It is imperative that you keep precise small business accounting records so you can claim your losses. A professional certified public accountant can assist you in doing so.
Another possible scenario your small business may face is a loss due to market demand changes during this time. The product or service you sell may not be needed during the pandemic, especially if it is associated with a business that is high on the list of prohibited or discouraged ones, like hair care or massage therapy. Again, keep up with your small business bookkeeping or have a pro do it for you.
Immaculate tax preparing and planning will be vital to cover and compensate your business’ financial end for this chapter of time. There are measures being put into effect, like tax relief. If you don’t know about it or don’t know how to prove that you meet the requirements, you’ll be out of luck.
There are loans available for small businesses that are in the line of fire from COVID-19. More are on the horizon. You can check SBA.gov/Disaster for more information and for details.Times are tough. If you need assistance from a professional CPA who can help you hold your business together, contact us. We Complete Small Business Solutions, Sarasota FL are here for you. Together, we can make it.