For this next installment of our blog series, we asked some of our team members to share their thoughts on the following:
How can accountants and advisors guide and support business owners as we continue to navigate through the COVID-19 pandemic?
As a business owner you have go-to people that could provide assistance to you while you consider financial decisions. This is likely true throughout the history of your business. Your support may include your tax accountant, local branch manager at your bank or even your attorney. The large quantities of information that have been made available to you through the COVID-19 journey has been immense and can be overwhelming. The support teams you reach out should be the same during this process. Are you trying to answer questions on loan applications and need assistance – or are you working through the loan forgiveness process and need to discuss some of the details? Sometimes it’s a comfort to talk through the process with someone else to ensure you’ve considered all the options available to your company. As you’ve come to expect, if we don’t have an immediate answer for you, we will do our best to get you that answer as soon as possible. We know time is of the essence and we want you to know we’re here to help. – Chandra Reau
These are crazy pandemic times that we are all collectively experiencing as well as striving to navigate through together. There is no textbook or playbook for any of us to turn upon for answers during these trying times. However, during times like these, seeking the advice of a trusted CPA and other advisors in order to leverage their incredible experiences and insights is priceless. Most business owners are able to determine their critical path to success and they generally make the right decisions along their way; however, often times they do need that CPA sounding board to talk it over with who can help them fine tune some of those critically important details. As we embark upon the back side of the pandemic curve, there will undoubtedly be some very hard decisions that will have significant impacts on all of our businesses moving forward – now more than ever business owners should be leaning hard into their CPA to help them navigate through this next phase of the pandemic journey. – Stephen Smith
Accountants not only have best practices for working from your office but also for working from home. You can use your accountants as resources for suggestions on how to handle certain business processes that need to change because one or more persons is now working from home. Reach out and see what suggestions they can offer for any situation that arises during these times. – Shannon Robinson
If the business doesn’t keep someone on their AR collections, their AR will continue to grow and become harder and harder to collect as businesses try to catch up. See if your accounting firm can help with these efforts. It is something that H&M offers. Businesses need someone to be the “squeaky wheel” to get the money first when checks are being cut. – Lisa Decot
During a time like this, there is information overload and we can be sounding boards, research assistants and advisors. Our clients are filling out forms, applying for loans and other tasks that are outside their normal scope. They are looking to us to help guide them through all the information and processes. It feels good to be able to be there to help our clients during this time when there is so much stress and unknowns. – Carmen George
As we learn about guidelines, credits and advantages to business owners regarding the COVID-19 pandemic, business owners have the comfort of knowing that we are aware of how to handle certain situations. There may be instances that once we learn something, it makes us think of a particular client, so we reach out to them to let them know of new changes they should be aware of. – Julie Roe
Some of our clients are being met with error messages and other roadblocks when trying to carryout a number of tasks electronically. Getting online to claim stimulus checks is an example of this. We work together with the client to get past these frustrating challenges. We are learning many tips along the way as to how to help in this area. -Brian Ravencraft
We are uniquely situated to help business owners electronically without interruption since many CPA’s, our team member included, can function from their homes with sophisticated, safe and secure systems. – Bradley Ridge
As we all try to navigate through these uncertain times, accountants and advisors can help small business owners navigate financial relief options, apply for relief, address cash flow concerns, determine workforce needs, as well as guide businesses through other unusual issues. We can be your go to resource on various topics and can provide up to date information, to help your business succeed during these difficult times. – Natalie Bruns
We are all in this together is not just a saying we are throwing around during these trying times. We mean it…. together, we can work with you to make sure your business survives and even thrives during this challenging chapter. If you have questions, please reach out. We are here to assist you.