A Checklist for Keeping Your Business Afloat during COVID-19
Given the difficulties posed by the current pandemic, it’s evident today’s conditions aren’t exactly the best for starting a business. Nevertheless, keeping your business afloat during these trying times can be done in a multitude of ways, but it’s important to note that some are far more beneficial than ever. With proper financial management, however, you can tackle a potential problem right at the source without risking eventual closure. If you’ve been looking for a multitude of ways to proactively manage your business amidst the challenges brought about by COVID-19, here’s a quick checklist on everything you need to do with regards to your finances:
1. Get a clearer picture of your business’s current financial position
One of the most important tools that you can use to overcome the wide range of difficulties during these trying times is a well-rounded awareness of how your business is currently doing. Taking the time to understand your business’s own current financial position will provide you with the necessary knowledge that you’ll need to make informed decisions when managing your numbers. Although it may be harder to sell during this period, it is far more important to know how you’re doing at this very moment so that you can take the right courses of action when dealing with the following factors:
Your ability to pay outstanding debts
How easily you can keep your entire roster of employees
How you can meet existing leasing and loan repayments
The opportunity to circumvent the current pending restrictions imposed by the Australian Government.
Once you consider the right details and factors, you can move onto keeping your business afloat in the best way possible!
2. Hire an expert accounting firm
In these times, where income is limited and your cash flow is moving outwards more than it does inwards, it’s vital that you put your money in the right places. This means that one investment you should be making is hiring the services of an accounting firm.
Although it may seem like a daunting option at first, outsourcing the services of an expert accountant—such as New Wave Accounting—will save you more money than you would spend on the monthly fee itself. Through the services of an outsourced professional, it will be easier for you to avoid any unnecessary and costly mistakes while spotting vital opportunities that you can use to cut your running costs without compromising stability.
3. Maximise your eligibility for government assistance
Thanks to the fast actions of the Australian Government, small to medium businesses and start-ups can now avail of various stimulus packages to keep their operations running. In spite of the disruptions and difficulties that the current pandemic has brought upon businesses all over the world, these allotted packages can be maximised well enough to ensure that every part of your company run as smoothly as possible. This is essentially a key boost that can help your business emerge as a better firm after the pandemic.
4. Defer as many tax payments as possible
In response to the current COVID-19 crisis, the Australian Taxation Office (ATO) has set out to help businesses manage the implications of the crisis by granting a deferral of certain tax obligations. Should you find that your company is being impacted greatly by the current health crisis, you can contact the ATO right away and learn more about what measures you can take to cut down your needed payments.
With the Coronavirus becoming even more widespread, it is vital for Australian business owners to make sure that their own company is protected at all costs, especially in their finances. By following the four items mentioned above, however, you’ll be able to keep your business in still waters as best as possible in no time! If you are looking for a business accountant in the Gold Coast to give your finances the necessary reinforcement it needs, get in touch with us today to see how we can help!