How CPAs Are Helping SMEs During the Pandemic - What to Know
June 8, 2020
As the COVID-19 pandemic continues to impact business operations, priorities are beginning to shift and legislative relief programs are becoming more and more in demand. Nowadays, it’s essential that businesses have access to an accounting workflow software or the help of a CPA.
CPAs can provide excellent counsel to businesses struggling to manage finances, among other key benefits that we’ll outline in this article.
1. They can offer risk management
As business owners are forced to weigh their options at the risk of deprioritizing certain operations, CPAs can help maintain business relationships with clients by coming up with more efficient tax strategies.
2. They can offer transparent communications
Planning discussions regarding business succession and viability have to consider long-term difficulties and repercussions. CPAs can help business owners accept the reality of increased expenditures or losses by communicating hard truths. They can also help identify areas in which you may need to better streamline your process and optimize time spent on more pressing issues.
Not only can a CPA help you get back on track once the economy recovers—but it can also help you through to the next tax season.
3. They can help transition your business through any changes
As much as any business wants to prioritize keeping their staff employed, CPAs can help guide them through tough decisions such as cutting back on costs or eliminating a few of them entirely. A CPA is armed with the right tools, materials, and software to help you alter your business’ long-term financial plans and keep track of important paperwork.
4. They can take all your work online
As virtual workspaces become the new norm, CPAs need to emphasize that a virtual level of support can suffice in place of in-person meetings and onsite visits. CPAs can assist businesses in incorporating online payment procedures such as the ability for clients to provide e-signatures or pay through mobile processors.
Digital tools can help keep track of ever-changing tax regulations and guidelines for business planning. Especially now, all the features a business requires physically need to be easily accessible online in order to continue operations efficiently.
CPAs Also Have to Adjust
Just like any other business, CPAs will have to make adjustments in order to keep up with the current economic landscape. As small businesses lose resources, they are sometimes forced to close. However, it’s a CPA’s responsibility to invest in such relationships anyway in case these businesses reopen in the future. Businesses need to know that a CPA’s level of support can offer a positive ROI, whether or not they continue to operate.
CPAs such as My Firm 360 offer a myriad of accounting management software that allows your business to route workflow and track important expenses. We’re always working to develop tools that make your goals actionable by keeping your data on a unified interface.
As Client Accounting Services (CAS) experience a spike, businesses can’t risk seeing these hires as temporary. A CPA won’t just be helpful to re-entry, or when businesses once again become fully operational but can provide support well after the economic downturn.
At Firm 360, we offer the best accounting practice management software that is available to your business anywhere and at any time! Contact us now for more information.