Anyone involved in the world of business management and finance knows that these are especially challenging times. The novel coronavirus pandemic (also called COVID-19) has permanently changed many aspects of modern life. One area that has changed dramatically is business. It does not matter the industry; the many lockdowns, shutdowns, and quarantines have had a lasting effect. The global economy is only just beginning to see the effects.
This is why the need for CPAs is greater than ever. As an example of this, consider that the 2020 tax season in the U.S. was extended into July. Throughout the entire time, the Small Business Administration and the federal government were pressing businesses to explore their options for PPP loans or Paycheck Protection Program loans. They also promoted EIDL or Emergency Income Disaster Loans. This caused many CPAs and other tax professionals to re-channel their energies into those programs and began helping businesses pursue crucial help.
It would be great to say that the need for CPAs was reduced and that everything got back on track in terms of the tax season and the usual routine soon afterward, but that is not the case. Not only were programs like the PPP extended into later in the year (at this time, the deadline is August 8), but then came the need for experts to help with PPP forgiveness issues, as well as taxes.
Do You Need a CPA?
It does not matter if your business ended up getting shut down during a lockdown, or you were forced to furlough a large number of employees and kept working. It is likely that you now have a wide array of new challenges in terms of your bookkeeping, accounting, and taxes. It would be best if you talked to someone well-versed in all of the new (and changing) laws, and who is also capable of providing business consulting.
At Venture CPA, businesses and individuals can find the insightful and experienced tax, accounting, and business consulting needed for these challenging times. Whether it is to look at the many changes that the pandemic has caused to your bottom line, or you are eager to have a skilled eye review your numbers and make informed recommendations, you’ll find support here.
This entire firm gives special attention to the preparation and analysis of financial records, and not only will they guide your current and future business decisions, but they’ll serve as good insight for those who may be offering financial support. For example, if you are going to seek some funding through the SBA or a traditional lender, you’ll need to present an accurate portrait of your business and its prospects. A good CPA is going to be able to create projections necessary for getting you funded. They understand all of the regulations and can use what they know to offer the best advice.
While numbers may seem cut and dry, in this current climate, there is little that is easy to anticipate. A good CPA can help you look in every direction and help you prepare for what lies ahead. Now, more than ever, a business of any size has a need for a CPA.