5 Things Your Business Needs to Do Now!

  5 Things Your Business Needs to Do Now! Navigating COVID-19 pandemic requires an accurate financial picture. With the COVID-19 pandemic dominating the news and creating havoc in many sectors of the economy, companies are going to need to be on their “A” game to survive and thrive. Here are five essential tasks to help you do this. 1. Bring financial statements up to date A clear understanding of your company’s current cash flows, revenues,

What records should your business keep

  Record keeping requirements for businesses. What records should your business keep, and how long should you keep them? There are several categories of records that are important to a business, some for internal purposes and some for tax returns and other government requirements. Let’s take a look at these by category. Tax records. First, consider the records you need to substantiate your annual income tax return. The IRS says that you must maintain adequate

Three credits available for businesses

Three credits available for businesses. Three new credits are available to many businesses hit by COVID-19. Employee Retention Credit: The employee retention credit is designed to encourage businesses to keep employees on their payroll. Also, the refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. Qualifying employers must fall into one of two categories: The employer’s business is fully or

The 3 Rules of Cash

  The 3 Rules of Cash A COVID-19 pandemic reminder. To keep your business solvent through the COVID-19 pandemic, stay focused on the 3 rules of cash: 1) Now versus later. Cash now is better than cash later. Decreasing cash flow for many of your customers means you’ll likely have trouble collecting 100% of your accounts receivable in the short term. But don’t overlook clients whose cash flow or revenue has yet to be dramatically affected

Small Businesses: ACT NOW!

Small Businesses: ACT NOW! New Funds are Available. Act fast to get your slice of additional SBA funds. An additional $484 billion in COVID-19 small business assistance is now available, including $310 billion in new money for the Small Business Administration’s (SBA) Paycheck Protection Program. Get your Paycheck Protection Program (PPP) loan application in now If your business has not already done so, you need to get your Paycheck Protection Program (PPP) loan application in