There’s no denying how the ongoing COVID-19 pandemic has been devastating to several business sectors. And if you’re one of those who have immensely felt its impact, hiring accountants (especially those affiliated with a worldwide accountancy network
) can be highly beneficial.
Here’s how they can help ease your burden as a business owner in the time of COVID-19.
They can provide a proper evaluation of your current situation. Accountants who work with a worldwide accounting network
can testify how many small businesses are struggling during the pandemic. One of the first steps they undertake to help such businesses is to determine how their client is currently faring. Do they still operate? What are the biggest challenges they face? How are they doing financially speaking?
They can devise strategies on how to manage cash flow better. When they evaluate any business’ current situation, they gather all related figures and data. And based on these, they do financial forecasting while also incorporating the projected impact of the pandemic on their particular sector. With a proper forecast, they can help business owners craft strategies and plans on how to manage their cash flow smartly.
They can help reduce your tax bills. One way of preserving a business’ financial resources is to maximise its potential tax savings. Accountants are experts in this field. To help lower their clients’ tax bills, accounting and tax professionals change methods for estimating taxes and switch from a cash-basis method of accounting to an accrual one.
They can assist with availing of government grants. Speaking of lowering tax liabilities, this can also be done by taking advantage of federal relief. As any worldwide accounting network would know, many countries have been offering emergency grants and tax reliefs to help businesses mitigate the impact of the pandemic. In the UK, there is the so-called CARES Act which aims to provide assistance to the affected local workforce and businesses.
They can help you focus on other vital business matters. While the financials of a business is a heavy matter that requires careful attention, it’s not the only thing that business owners should attend to. From logistics to the safety of employees to shifting online and boosting digital presence, they have these vital aspects to deal with as well. Getting help from accountants to help take care of their finances can already take a huge burden away from business owners.
They can offer invaluable insights on how to prepare for the new normal. Apart from having short-term financial solutions, businesses should have their eyes set on the new normal. With assistance from accounting experts, business owners can build their enterprise’s resilience and help them prepare for a new chapter once the world copes up and the pandemic ends.
Boasting over 73 years of experience, MGI Worldwide is a premier worldwide accountancy network with presence in over 100 countries. With the goal of bringing people and businesses together, they provide various accountancy and legal services to businesses across the globe. Learn more about them at https://www.mgiworld.com and contact them at +44 1932 853393 or firstname.lastname@example.org.