Covid-19 (Corona Virus) is affecting the entire world, so it’s to be expected that it will have implications on small businesses. In addition to keeping yourself, your family, and your employees safe, you’ll want to be a step ahead with your small business accounting too.
Expecting the Unexpected
As many small business owners are quickly learning, things are rapidly changing. New official information continues to pour in on a daily basis. Some businesses are already setting up in home offices across the globe. It’s imperative to tune in to newscasts and public addresses as they will give you updated information on how COVID-19 will be affecting you, your family, and your business. In addition, check official local, state, and national health authority websites often as well. There you will see a detailed look at what’s going on around you and can refer back to the page as needed.
As measures are being taken to secure the public, like quarantines and “shelter in place” orders, other measures are being taken to secure the survival of small businesses. In order to take advantage of what’s out there to help your business, you’ll need to keep careful track of your small business accounting.
It’s easy to try to avoid or skirt around sensitive subjects, like COVID-19. But, there’s no getting around this one. You’ll want to keep communication open with your staff, your customers, business partners, and everyone else who your business involves. Some of the most impacted small business areas are likely to be:
• Finance (especially if your cash is on the lower side)
• Staff availability (particularly if your staff is now working from home or is laid off)
• Supply chain (even more so if your suppliers are worldwide)
Just as you’ll want to keep up your personal health, you’ll also want to make sure your business is healthy during these difficult days. Here are some things to check:
• Analyze your current reports and list what is likely to change.
• Redo your budget and include the new assumptions
• Keep careful track of your losses and document each of them.
- Hiring a certified public accountant is not a requirement for any small business. It is, however, a wise move, especially during times like these when things are so out of the ordinary. A certified public accountant is skilled in all the areas you will need to proficiently pursue in order to be compensated for losses your business will suffer from due to the Corona Virus.
- Without vigilant business tax planning and preparation, you can easily lose your small business in hard times such as these. Not understanding what the guidelines are or how to go about applying for them, or proving your losses, could mean you don’t get them. Many small businesses will go under because of that factor.
- Those who spend the little extra to secure their small business accounting by way of a professional certified public accountant will likely take advantage of all that is available to help their business bounce back. It is, no doubt, money well spent to hire one.
- If your business is being impacted by COVID-19, be sure to seek the help of a professional who can make sure you are left in the cold when it comes to getting your share of the help that is being made available. Reach out to Complete Small Business Solutions, Sarasota FL today and see what we can do for you.