How to Survive COVID-19 Financially as a Small Business
Small businesses all over the world have taken a big hit as a result of COVID-19, and with the situation being far from over, this can pose challenges in terms of survival for the coming months. Many businesses large and small have shuttered their doors and ceased operations, whether due to a lack of contingency plans or insufficient cash flow.
Previously big brands have scaled back significantly in size, while some have just gone bankrupt because of the lack of people needing their services and products. We can’t deny that the situation is more than unfortunate, but there are ways to keep trying to stay ahead of the game.
In Australia, small businesses were impacted significantly due to stay-at-home orders and fewer outdoor traffic. One element that can assist small businesses in Queensland is a small business accountant in the Gold Coast area. Accountants can be a valuable asset in terms of managing the financial aspects of any business. When finances are in check, more moves can be made to assist companies to stay afloat through the pandemic.
Consider these key points to improve the chances of your business surviving COVID-19:
Government Assistance Can Be a Big Help
The Australian government provides stimulus packages for small business owners who are struggling to keep up with the shifting demands of the pandemic. By checking the eligibility of your business for a stimulus package, the funds received can assist you with making moves to stay alive. A small business accountant in the Gold Coast can find the values you can get from government aid, even incorporating it into a plan to survive.
Sole traders and small businesses that employ staff can receive their own kinds of relief packages that have different inclusions, so check for your eligibility to receive aid. Things like not needing to pay rent for a few months while focusing on giving the best of your business to the people is always going to be welcome, so consider this.
Tax Payments May Be Able to Be Deferred
The Australian Taxation Office has mentioned that they will offer small business owners a deferral of certain taxes provided that COVID-19 has shown significant impacts. A small business accountant in the Gold Coast can help you get in touch with ATO agents to find out if your business is eligible for tax cuts.
Bookkeeping Services Are a Must
While there is more free time due to a decrease in clients, bookkeeping services in the Gold Coast can be helpful in ensuring all files are properly organized for reporting purposes. Filing all paperwork and integrating bookkeeping software can be a big help, which is a good use for the time available throughout the day. Managing transactions, financial statements, inventory levels, and other kinds of documents can make life less stressful when statement deadlines loom ahead.
Your Cash Situation Should Be A Core Factor In Your Business Decisions
There is no doubt that most small businesses’ finances are unstable and difficult to predict. The thing to do now is to ensure that the money remaining and in the reserves are put to good use. Check how much extra cash your business has, and budget as to where it will go. See if you have to let go of certain employees, enforce work-from-home policies, or cut out a few unnecessary expenses. A small business accountant in the Gold Coast can assist with the management of these funds and create a solid plan for the coming months.
Businesses require a good financial plan to function, regardless of whether or not there is a pandemic raging around. By investing resources into hiring a small business accountant in the Gold Coast, you will find that money management and bookkeeping is much easier and simpler. Don’t suffer from doing the hard bookkeeping and financial management on your own and hire the services of a professional accountant.
For the best small business accountants in the Gold Coast, New Wave Accounting can assist your business in traversing the harsh field of the COVID-19 economy. Trust us in giving your business the best treatment in order to stay afloat during these difficult times.