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Why You Need a CPA Even More in Uncertain Times

posted March 31, 2020

Why You Need a CPA Even More in Uncertain Times We are living during a period of trying, uncertain times.  The current outbreak of the Coronavirus disease (COVID-19), has had a significant impact on the way we go about our daily lives. From how we work, to how we live, to how we relax, no aspect of our lives has gone untouched. With a potential recession on the horizon and so much unknown about how we will move forward as a society, what does that mean for your business? Now more than ever, you will want to turn to your CPA to help you come with a plan.

Why Your CPA Is Essential in Times of Uncertainty

  1. They keep you informed on current events and developments. Changes can happen quickly in this time of global crisis. The government may implement policies to help provide relief for taxpayers. Your small business may be eligible for special incentives that were not previously available.  Your CPA can help to keep you aware of these changes, keeping you aware of your options. Changes that result in fiscal policy relief for taxpayers will likely result in new deadlines to comply with any resulting reporting changes.
  1. They can oversee both your business and personal finances. Turbulent times will not only impact your business, but your personal finances as well. Your financial advisor can work with you to set up a plan for your business and a plan for your family finances. This can provide you with the peace of mind that both your company and your loved ones will stay protected no matter what lies ahead.
  1. They’ll help you manage cash flow. The Coronavirus disease (COVID-19) is impacting the way that people go about our daily lives. Large events are being canceled, travel has become restricted, and even schools are being closed for the foreseeable future. If your small business is in a related industry (or even an indirectly related one), you may already be experiencing a negative impact on your bottom line. Your CPA can help you create a plan to curb expenses and evaluate income projections to help you keep your business moving forward.
  1. They’ll save you time and money. Now more than ever, your focus needs to be on the best way to keep your daily business operations stable. Allowing your CPA to take the reins of your financial situation will not only save you lots of time, but also provide you with peace of mind that your business economic affairs are under control.
  1. They can help you plan for emergencies- Another reason why you need a CPA even more in uncertain times. The developments related to COVID-19 outbreak are happening so quickly that no one can anticipate what tomorrow will bring. Your CPA can help you to establish sources of emergency funding that may be needed to help your business operations. These can be obtained through loans, grants, or other funding sources. They can also help you to prepare the financial statements and other documents that may be necessary as a part of the application process. Contact Us

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