The global health crisis has shattered the market and shunted small and medium businesses. The business had to shut down overnight and make all efforts to stay afloat by adopting online shopping. Industries like tourism and hospitability were severely impacted without a reprieve.
Having said that, there has been never a better time for expert accountants to help business optimize their operations especially when they are strapped for cash. From assessing the benefits of government’s funding to planning the finances, budgeting, leveraging tax benefits and provisions and building an efficient accounting system for sustained growth, efficient accounting services play a foundational role in helping small and medium businesses recover and grow.
As one of the most trusted back-office accounting firms in the business, Outsourced Bookkeeping has been able to pull all our resources to help our clients optimize their business for better performance amidst the pandemic.
While we helped businesses mitigate the impact during the peak pandemic, we are also helping businesses grow with our remote accounting services post-pandemic. Read on to know-how:
How Outsourced Bookkeeping helped small and medium businesses during the pandemic?
With disruption in the supply chain and reduced sales and revenue, every major industry had to cop blows. Fortunately, the federal government’s CARES Act has lent a helping hand and Outsourced Bookkeeping has helped businesses extract maximum value out of it with our dedicated support.
Under CARES Act, we have been able to provide consistent support and loan assistance for small and medium businesses in addition to helping them accrue the benefits of tax provisions. Working closely with our clients Outsourced Bookkeeping helped them leverage the following provisions under CARES Act:
Pay Check Protection Program: Direct financial incentives were granted for the businesses under the PPP to help them continue their operations without layoffs. Our clients with the help of our accounting experts at Outsourced Bookkeeping were able to leverage this program to stay afloat and mitigate the economic impact of COVID-19.
Economic Disaster Loans Grants: To help alleviate the damage done by the COVID-19 crisis, EDL provided businesses with economic disaster loans. Outsourced Bookkeeping enabled our clients to leverage these handy emergency loans to recover from the impact.
Income Tax Provisions: Business tax provisions provided the biggest support for all businesses especially large ones. Under CARES Act, a business that was forced to suspend their operation partially or completely were made eligible for the tax credit.
In addition to this payroll tax delays were enabled, taxable income offset for Net Operating Losses, interest expenses and AMT credits were made as comfortable as possible to help businesses reduce the impact of the global health crisis. As one of the best tax consultants in the US, we leveraged our tax preparation services to enable businesses make full use of these provisions to take a financial breather during the COVID-19 crisis.
Post-pandemic: How Outsourced Bookkeeping can help small and medium businesses?
With the rapid resurgence of vaccines, the number of active cases declined and the normal activity is almost back. The markets have opened and the economy is breathing relief. And there is a huge responsibility on small and medium businesses to hit the ground running to recover as quickly as possible and pave their growth path.
Cost-cutting is the most common practice adopted by every business especially the small and medium businesses to stay lean and get more done with less. While this practice helps, its scope is limited. Cost-cutting measures do help businesses stay afloat and recover but for any business to improve their sales and transform their business in the most sustainable manner possible, a long term strategy is a must. While business strategies are drawn and new business plans are charted, effective bookkeeping and accounting services are what plays a foundational role in executing them.
Remote Accounting Services by Outsourced Bookkeeping:
Give the pandemic has slowly subsided and the economy is almost back on its feet, a business must accelerate its recovery with accurate financial planning, forecasting and optimization with effective accounting services. Also, these accounting services must adhere to a lean and cost-effective business model, businesses began to adopt for improved ROI and this is where our remote accounting services fit like hand in glove.
Being one of the best back-office accounting services in the business Outsourced Bookkeeping can help your business provide full-service back-office accounting services in addition to Accounts Payable, Accounts Receivable, Tax Consultation & Quick Books Services. Equipped with industry experts in a variety of domains, our remote accounting services provide the best accounting talent available in the business. Our scalable remote accounting services guarantee improved flexibility, productivity and ROI for all types of businesses while being cost-effective during this post-pandemic period. If you are a small and medium business looking for remote accounting services, you can contact Outsourced Bookkeeping here: https://outsourcedbookeeping.com/