If you’ve treated your bookkeeper at arm’s length, it’s time to work with them in partnership. Various financial aids and incentives have been rolled out by the government as well as banks in recent weeks. For many small businesses, these relief packages are lifelines. However, like many small business owners, your days at work have probably grown longer and harder.
With new measures being introduced almost daily to combat the outbreak of COVID-19, you’re probably adjusting the way the business is run on the fly. As a result, you’re at risk of missing out on the financial aids and incentives available for you to tap into. Here’s where working in partnership with your bookkeepers will help. In this post, we’d like to offer some suggestions for discussions you should have with them regularly.
1. The cost of business
Your bookkeeper has a good overview of the cost of business. In good times, you may not have had the need or time to look at them. Now you must. Ask your bookkeeper to list the potential pain points the slow down may bring. It may include wages, rent, suppliers and utilities. The aim is to identify the ideal band from which you can make adjustments as you wade through the crisis.
2. Staying on top of your tax and compliance expenses
When you know what they are, you’ve put the business in good stead to either take steps to fulfil them or negotiate for favourable payment plans. Dealing with a crisis is less challenging when you know where the bumps and steep slopes are. You can’t avoid them but you know what needs to be done to make the ride less painful.
3. Securing financial aids and incentives
You’re probably too busy keeping things afloat to scrutinise the help available. But as mentioned earlier, there are lifelines to keep things going. Set some time to discuss them with your bookkeeper. With their knowledge of the business’ financial well-being, they can help you make informed decisions.