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How Accountants Can Assist Small Businesses Right Now

If you’re a small business owner and you haven’t talked to your accountant lately, pick up the phone. Dig up their email.

Accountants can always be of use. But their particular expertise is especially vital right now as small businesses try to navigate an extremely challenging economic environment, courtesy of coronavirus-related shutdowns.

And right now, you can probably use all the help you can get.

Read on as we look at all the different ways a professional accountant might be of use right now. Taxes certainly come into play, but they offer so much more than that.

Why It Pays to Talk to an Accountant

  • You’ll Get a Better Picture of Your Financial Situation: Having financial clarity is important, but it’s never more vital than when you’re in the midst of a crisis and every dollar counts — literally. A CPA can not only help you get a complete picture of where you stand financially, but also provide you with advice on how to potentially improve your situation in the short-term.
  • They Can Provide Help With Small-Biz Loans: Are you familiar with how the Paycheck Protection Program works? What about the Economic Injury Disaster Loan Program? What about just applying for a plain ol’ small business loan? A full-service CPA can assess your financial situation, sure. But if they find you need cash, they can help you to understand the various vehicles Washington opened up via the CARES Act, as well as help you to locate other sources of funding.
  • Surprise, Surprise … They Can Help You File Your Taxes: The Internal Revenue Service pushed back the tax filing date by a quarter to July 15. The idea: Give small businesses time to deal with their current situation and, hopefully, recover financially. That means, as of time of writing, you still have a couple of months to file for the 2019 tax year. An accountant can help you make this extended deadline. They can also ensure that your filing is accurate – thus ensuring you don’t get an uncomfortable visit from the IRS.
  • They Can Help You Understand Your New Tax Reality: If there were ever a time to plan out the rest of the year, from a tax perspective, it would be now. Small businesses can use every cent they can get, which makes it all the more important that you reap every tax credit and deduction you can qualify for. A certified accountant can review your business and help you determine what you could be eligible for by year’s end, and how to make that happen.

The tax experts at McManamon & Co. have been assisting small- and midsize businesses for years, so we’ve seen firsthand the difference an experienced hand can make in surviving during times of financial weakness. Our numerous offerings — including tax help, accounting services and consulting — can help you to grind through this crisis so you can get back to growing once the world returns to normal.

Give us a call at 440.892.9088 or contact us online today and see what we can do for you.

| Posted in accounting, McManamon & Co., small business, small business taxes, taxes