Business owners routinely complain about accounting costs, while others see it as an expensive overhead. In reality, a good accountant could be the difference between you being tax-efficient, or losing tons of money on tax refunds and benefits. An accountant is also your best ally when it comes to financial planning, and can often see instantly where you may be leaking money. But now could be the most crucial time to work with a good accounting firm. Let’s take a look at why finding a good accountant should be a priority in this time of crisis.
Get Access to Government Relief and Funding Opportunities
The various relief programs run by the federal and state governments are varied and can get intimidating. It can also be difficult to identify the best programs and understand the process. A good CPA accounting firm will be able to connect with you with the best programs and those you can qualify for. They will also advise you on those you should prioritize. Besides, they will have more information on programs for specific industries, like food manufacturing, healthcare, or logistics, among others.
They Can Help You Assess Your Real Needs
Not only will an accountant be able to find the best programs for you, but they will also be able to sit down and look at your actual needs. You have to understand that a lot of these are loans, and loans, even for relief, are not always the most advantageous. There are also cases where certain loans could be forgiven when used for specific purposes, such as maintaining payroll, for instance. An accountant will make sure that you don’t overreach.
They Can Help with the Paperwork
An accountant will also be able to take care of the paperwork while you focus on running your business. Applications can be lengthy and require all sorts of documentation. An accountant will be able to retrieve that documentation fast and present the exact financial information that is required.
You also have SBA loans that will require you to answer follow up questions on your revenue. An accountant will be able to answer these questions, make sure that everything is accurate, and handle the administrative details for you.
Help You Manage Your Resources
An accountant’s job should not be to keep books only. While they can help you identify growth opportunities and lower costs by keeping books up to date, a good accountant will also help you spot profitable and unprofitable clients, ways to reduce your inventory expenses, and even help you identify contracts you may want to renegotiate.
Accountants can also help you manage your workforce. They could help you find ways to prevent layoffs, for instance, or advise when they could be inevitable. They could also find ways to rearrange work hours to keep everyone on board.
We often speak of black swan events, and we’re living the definition of it. Accountants are essential in these times and will be for anyone who wants to restart on the right foot once this crisis is over.