What Makes a Small Business Accountant a Pandemic Essential
Updated: May 24
The COVID-19 pandemic has changed the ways of the world as we know it. Now more than ever, businesses are in need of advice that's admittedly more complex than that of previous times. During these unpredictable times, having a plan and a backup plan is of absolute importance.
Everyone's going through it: economies, businesses, and even people at the individual level. The storm is somewhat manageable for a number of big multinationals and big corporations. Unfortunately, SMEs (small to medium-sized businesses) are on the complete other end of the spectrum. In what is basically one of the biggest economic downturns since the Great Depression, businesses have to adapt to survive.
What does a small business accountant have to do with this?
Think about it: When times were far less stressful or problematic, you had nothing to worry about when it comes to the accountant of your business. Any Gold Coast business accountant worth their salt will be able to keep things pushing on until the next fiscal year, crunch numbers, and get taxes done. Sounds about right during normal, fine times, right?
What happens when things aren't going so well, though? Like in these current times, wherein the world economy has all but stopped practically overnight? When there's an order from no less than the government to shut down a business within a span of mere days?
At this rate, having a small business accountant that's no less than excellent is a pandemic essential.
Some concrete reasons for this include, but are not limited to:
You get a great second view at your business as a whole.
The best way to deal with your business slowing down at this time is to change the way you look at it. With or without the pandemic, most businesses tend to have cycles and waves. As things change, sometimes it's best to switch up what isn’t working anymore.
You will be constantly updated by a business accountant that's responsible.
Aside from their email, you should also get a phone number where you can reach an accountant. Excellent ones are able to have more than one line of communication available to you. This way, you can be updated and informed about matters in real time.
Your business can benefit from more of your focus and attention thanks to having a small business accountant.
It's never been more vital that a business owner has full trust in their assistant. The restrictions attached to the pandemic tend to change every so often, and there's also the matter of pandemic assistance. At this stage, you need to be able to have your full attention towards your job. This means having full trust in the accountant of your small business, even with little-to-no supervision. Running your business now depends on several factors every day, and paying attention to this day by day is key.
COVID-19 has brought about an economic downturn only comparable to the likes of the Great Depression. Having a small business accountant that's not just good but excellent will be a fantastic tool for small to medium businesses at this time. Constant updates, another point of view for things as a whole, and the ability for the owner to really focus on their job are just some key perks.
Looking for a small business accountant in the Gold Coast? Contact New Wave Accounting today! We provide end-to-end accounting and bookkeeping services that help scale and grow businesses.